LNG

Vopak has signed an accord with shipping firm Seapeak to provide a floating storage regasification unit (FSRU) for its planned LNG import terminal in Australia’s Victoria state. The FSRU is mean to receive cargoes from 2029, helping to avert supply shortages.

Shipping subsidiaries of energy majors Chevron Corp. and TotalEnergies along with the LNG and gas cargoes carrier company Seapeak, have joined a global technology-led initiative for cleaner shipping.

The Methane Abatement in Maritime Innovation Initiative (MAMII) is led by SafetyTech Accelerator, a firm established by UK maritime classification society Lloyd’s Register.

“Our mission is to make the world safer and more sustainable through wider adoption of technology,” said SafetyTech Accelerator.

TotalEnergies and Chevron joins the group with Seapeak, which was formerly known as Teekay LNG and alone has over 90 gas carriers, including 50 LNG tankers.

The three companies join the now more than 20 members of MAMII, emphasising its pivotal role in addressing methane abatement within the maritime sector.

Contributions

Chevron, Seapeak and TotalEnergies have pledged to bring their valuable insights and commitment to the critical challenge of “methane slip”, an escape of gas that adds to pollution from dual-fuel engines or other technology.

The initiative has additionally selected four technology providers to produce feasibility studies on the technologies which will reduce methane emissions from ships.

“The release of unburnt methane is a key obstacle to unlocking the full environmental potential of LNG as a maritime fuel,” said a statement.

Now in its second year, MAMII was launched in September 2022 by Safetytech Accelerator, bringing together industry leaders, technology innovators and maritime stakeholders to mitigate methane emissions.

“Chevron Shipping is very pleased to join MAMII. We are committed to reducing methane emissions from our LNG carriers and MAMII is an excellent opportunity for us to work with industry leaders on sharing best practices and exploring new technologies,” said Lloyd Bland, a senior manager at Chevron Shipping.

Chris McDade, Vice President of Operations at Seapeak said that LNG was already the preferred choice versus traditional marine fuels.

“However, but even more can be done to minimise the environmental impact,” McDade added.

Partners

“As a MAMII anchor partner, our fleet will directly participate in feasibility studies, new equipment trials and testing of technical solutions to reduce or eliminate methane slip from LNG vessels,” he stated.

The initiative is currently focussed on “on-ship” trials, expanding the range of pilot projects and starting to address fugitive methane emissions covering the entire spectrum of emissions on LNG-fuelled vessels.

“As the world's third-largest LNG player, we are delighted to be joining the MAMII initiative and contribute our expertise in reducing the emissions all along the gas value chain,” said Jerome Cousin, Senior Vice President of Shipping at TotalEnergies.

“It is key for TotalEnergies to further improve the environmental benefits of LNG as a marine fuel, already a major decarbonization lever for the maritime industry,” Cousin added.

The full list of MAMII members: Capital Gas, Carnival Corp. Celsius Tankers, Chevron, CoolCo, JPMorgan, Knutsen Group, Lloyd’s Register, Maran Gas Maritime, Mediterranean Shipping Co., Mitsui OSK Lines, MISC, NYK Line, Seapeak, Seaspan Corp., Shell, TMS Cardiff Gas, TotalEnergies, UK P&I Club and United Overseas Management.

Belgian shipping company Exmar reported improved annual results amid key floating liquefied natural gas charter and sales deals for its LNG barges that left the Antwerp-based operator free of net debts.

Jan 14 (LNGJ) - Teekay LNG Partners, the LNG fleet owner, announced that the previously announced acquisition of the Partnership by units of US investment fund Stonepeak has now been completed and Teekay LNG Partners will rebrand as Seapeak. The common shares, which trade on the New York Stock Exchange, are now suspended from trading and will delist from the NYSE within 10 days.

   However, the Partnership’s Series A and B preferred units, which trade on the NYSE under the ticker symbols “TGP PR A” and “TGP PR B”, respectively, will remain outstanding and continue to trade on the NYSE. “The Partnership intends to convert to a limited liability company during the first quarter of 2022, at which time it will change its name to Seapeak LLC and change its Series A and B preferred units ticker symbols to “SEAL PR A” and “SEAL PR B”, respectively,” added the statement.