LNG

Stolt-Nielsen Ltd, the Oslo-listed and London-based owner of a tankers fleet including for small-scale LNG through its stake in Avenir LNG and other shipping-related businesses, has reported executive changes at the Stolt Tankers division.

Avenir LNG, the Norwegian-listed small-scale LNG project developer and vessel owner, has agreed to buy out the shareholdings of its Italian partners in the small-scale LNG terminal at Port of Oristano on the Mediterranean island of Sardinia.

Avenir LNG, the Norwegian-listed small-scale LNG project developer and vessel owner, has entered into a long-term joint cooperation agreement (JCA) with Shanghai SIPG Energy Service Co.(SSES) a Chinese joint venture between Shanghai International Port Group and Shenergy Group.

Avenir LNG, the small-scale LNG supplier with an import terminal on the Italian island of Sardinia and a small fleet of vessels, has just reported a positive operating profit for the first nine months of 2021.

Avenir LNG, the Norwegian small-scale LNG business, said the carrier “Avenir Accolade” would deliver the commissioning cargo to the latest Italian regasification terminal on the Mediterranean island of Sardinia after making its way from Asia.

Avenir, a joint venture between London-based Stolt-Nielsen and partners Höegh LNG and Golar LNG Ltd., took delivery of the 7,500 cubic metres capacity dual-purpose LBV “Avenir Accolade” in March 2021 from the Keppel Offshore and Marine shipyard in the Chinese port of Nantong.

The “Avenir Accolade” has an overall length of 124 metres and her beam is 18 metres.

Avenir said a ship-to-ship bunkering of the “Avenir Accolade” was carried out on April 26 by its sister ship, the “Avenir Advantage”, off Pengerang in the southern part of Peninsular Malaysia.

The Maltese-flagged “Avenir Accolade” is scheduled to transit the Suez Canal on May 15 into the East Mediterranean, according to shipping data.

“We’re thrilled to see the ‘Avenir Advantage’ alongside the ‘Avenir Accolade’, the first time they are back together since leaving the shipyard in Nantong,” said Peter Mackey, Chief Executive of Avenir LNG Ltd.

Schedule

“We look forward to welcoming the ‘Avenir Accolade’ to our HIGAS terminal in Sardinia in a few weeks’ time with the commissioning cargo onboard,” added Mackey.

“We continue to make significant strides in executing our strategy for Avenir LNG,” the CEO explained.

“The Avenir team and the crews onboard our vessels deserve a huge amount of praise for all they have accomplished during these enormously challenging times,” he stated.

Stolt-Nielsen started up the small-scale LNG sector firm Avenir in 2015 and its two main investors, Golar and Höegh, each have 22.5 percent of Avenir.

In addition to its growing small-scale fleet Avenir has an 80 percent stake in the small-scale Higas terminal being commissioned in May.

The terminal is located at the Port of Oristano and includes a jetty capable of receiving LNG vessels up to 20,000 cubic metres, an unloading arm, six horizontal cryogenic holding tanks of 1,500 cubic metres capacity each, two LNG truck-loading bays and a natural gas power generation system.

The Sardinian terminal will be capable of loading around 8,000 LNG trucks each year for subsequent distribution to smaller satellite stations across the island in a classic version of a targeted small-scale LNG project.

Sardinia currently lacks a system of access to natural gas and only a small number of industrial customers receive LNG by truck which is brought to the island by ferry.

Stolt-Nielsen, the London-headquartered Norwegian company with terminal, shipping and Avenir LNG project interests, reported stable first-quarter earnings amid US disruptions and said the LNG import terminal on the Italian island of Sardinia would come on line in May.

The Norwegian small-scale LNG business of Stolt-Nielsen and partners Höegh LNG and Golar LNG has taken delivery of another gas supply and bunkering vessel (LBV) from the Keppel Offshore and Marine shipyard in the Chinese port of Nantong.

The Nordic joint venture called Avenir LNG has named its second 7,500 cubic metres capacity dual-purpose LBV, the “Avenir Accolade”, and it is now available.

The company said the “Avenir Accolade” would enter a three-year bareboat charter to LNG Power Limited, a subsidiary of Hygo Energy Transition to support Hygo’s developments in northeast Brazil.

This is the Avenir joint venture’s first entry into the Latin American LNG market.

Stolt-Nielsen, whose headquarters are in London, started up the small-scale LNG sector firm Avenir in 2015 and its two main investors, Golar and Höegh, each have 22.5 percent of Avenir.

The company said that the “Avenir Accolade” would soon be delivering LNG to Hygo’s customers along the Brazilian coastline.

“Fitted with specialised LNG handling equipment, she will be capable of unloading LNG directly into trucks for onward distribution across Brazil,” said Avenir.

The Hygo company was formerly known as Golar Power and is being acquired by New York-Based New Fortress Energy.

In addition to the growing small-scale LNG fleet, Avenir has an 80 percent stake in a small-scale LNG import project on the Italian island of Sardinia and set to start up soon.

Peter Mackey, Chief Executive of Avenir, said the company strategy was progressing on schedule.

“This is a transformational year for Avenir LNG as we commission our onshore LNG terminal in Sardinia in the coming weeks and continue to expand our fleet with the addition of four more newbuild vessels by year-end,” Mackey explained.

Avenir’s largest bunkering vessel, the “Avenir Allegiance” with 20,000 cubic metres capacity, entered the water in January 2021 at the Zhoushan Changhong Sinopacific shipyard in China’s eastern Zheijang province.

That vessel is scheduled to be delivered from the yard in the third quarter of 2021 and will join the Avenir fleet as the world’s largest LNG bunkering vessel.

Avenir’s first newbuild delivery, the “Avenir Advantage”, took place in October 2020 and has now been followed by the “Avenir Accolade” with other newbuilds, including one named the “Avenir Allegiance”, lined up for delivery during 2021.