LNG

Oslo-listed LNG shipowner Awilco launched a subsidiary ALNG Trading backed by a NOK 251.3 million ($26 million) private placement for shareholders and new investors, including a US partner.

Awilco LNG, the small Norwegian-based shipping provider with two vessels, managed to swing back to profit in the third quarter as the ships returned from dry dock and said that overall LNG shipping market rates were still at healthy levels though vessels may soon be used for storing LNG with land-based facilities full in the European Union.

March 2 (LNGJ) - The UK is scheduled to receive three more LNG cargoes in the next week at the port of Milford Haven. The 155,900 cubic metres capacity vessel “Wilforce” is due to discharge a US cargo at the South Hook terminal on March 3 from the Sabine Pass plant in Louisiana.

   The carrier “Kool Boreas” with 170,200 cubic metres capacity is scheduled to deliver an Egyptian shipment on March 7 to the Dragon terminal at the Welsh port, according to shipping data. The cargo was lifted on February 26 from the Idku plant located east of the Egyptian port Alexandria. A third Milford Haven cargo will arrive at South Hook on March 9 from Sabine Pass on board the 170,800 cubic metres capacity carrier “Global Sea Spirit”.

Teekay LNG Partners, whose gas group units own, charter or have stakes in 77 vessels, including 47 liquefied natural gas carriers and 30 liquefied petroleum gas or multi-gas vessels, reported annual net income almost halved, though its long-term charters strategy partially protected the company from the worst of the challenges.

Indian liquefied natural gas monthly imports increased again in August as shipments to Asia gathered pace along with economic activity with September cargoes also pointing at India from Australia and Angola.

Teekay LNG Partners recorded strong earnings for the fourth quarter and the full year after successfully completing its newbuild programme and securing attractive time-charters during the year amid the start-up of the Bahrain import project in the Gulf.

Nov 15 (LNGJ) - Awilco LNG, the Norwegian shipping company with the smallest fleet in the business numbering two vessels, said the 156,000 cubic metres capacity carrier “WilForce” had completed repairs at a shipyard in Singapore after it was involved in a collision with another ship off the Asian city-state on May 30, 2019. “Loss-of-hire insurance of US$65,000 per day compensated for some of the lost time-charter hire in the period,” said Awilco.

   “Awilco LNG has a substantial claim towards the ship responsible for the collision. Settlement and collection of the claim is expected to take some time,” added the company. Awilco made its statement as it reported a narrowed loss of $1.1 million in the third quarter compared with $11.4M of losses in the same three months a year ago and a $8.6M loss in the second quarter of 2019. Awilco said its second carrier, the 156,000 cubic metres capacity “WilPride”, was chartered in July 2019 to an oil and gas major for eight months until March 2020.

Awilco LNG has agreed a term sheet for the refinancing of the two 2013-built 156,000 cu m TFDEs ‘WilForce’ and ‘WilPride’ 

It was signed with a major leasing company based in Asia.

The agreement is structured as a sale/leaseback similar to their current financing and enables a full take out of the sale/leaseback facilities maturing on 31^st December this year on favourable terms.

The facility is expected to close in 4Q19, subject to final credit approval, documentation and customary closing conditions.

Awilco LNG, the small Norwegian fleet owner with two vessels, said the charter contract for its 156,000 cubic metres capacity carrier, the “WilForce”, has been cancelled and it is still in a Singapore repair yard after being involved in a collision off the Asian city-state.

Despite newbuild deliveries at an all-time high and a closed West-East arbitrage window, spot market rates are presently at an all-time high and there is optimism in the industry, according to the small Norwegian fleet owner Awilco.