LNG

Abu Dhabi’s energy giant, ADNOC has launched XRG, an international lower carbon energy and chemicals investment company.

Dynagas LNG Partners has reported net income and earnings per common unit (basic and diluted) of $37.5 mill and $0.75, respectively, for the first nine months of this year.

Greek-controlled clean energy solutions company, Pure Energy has signed a $1.1 bill sale and leaseback contract with China’s CMB Financial Leasing (CMBL) regarding five 200,000 cu m LNGCs. 

Norwegian controlled LNGC owner, Flex LNG has signed a new 15 year timecharter agreement for ‘Flex Constellation’.

The new charter will commence during the first or second quarters of 2026 ending in 2041 with an extension option for another two years to 2043.

‘Flex Constellation’, built 2019, is a 173,400 cu m LNGC fitted with ME-GI 2-stroke propulsion and a partial reliquefaction system (PRS) making her ideal for the current requirements, Flex LNG said.

She is currently employed on a 10-month charter with a large Asian utility and an asset backed LNG trader until end of first quarter of 2025.

The current charterer is a subsidiary of the new charterer.

Her existing charterer did not exercise its one year extension option, hence, she will be open for trading spot and/or short-term from the end of first quarter of next year for about 12 months before commencing her new 15-year charter.

Øystein Kalleklev, Flex LNG Management CEO, commented: “We are pleased to announce another substantial long term charter, this time for ‘Flex Constellation’, which will be fixed for a firm period of minimum 15 years from 2026 to 2041 with possibility of extension to 2043.

“We really much appreciate returning customer who appreciate the service and quality level that Flex LNG delivers.

“With this timecharter, we further increase our backlog and earnings visibility with a charter rate for the new period in line with the existing charter rate for the vessel.

“Following this agreement, Flex LNG has in total 64 years of firm backlog, which may increase to 98 years in the event charterers utilise all their extension options.

“Consequently, Flex LNG is very well positioned to navigate near term market weakness with 11.2 out of our 13 ships on firm timecharter for the next year at an average rate of close to $80,000 per day.

“Additionally, we also have one ship on variable hire until minimum 3Q25, but where the charterer has the option to extend this variable hire to 2030. Hence, close to 90% of our income days for 2025 is already covered with backlog stretching all the way into 2041,” he concluded. 

Swiss marine power company WinGD has won an order for 16 X-DF dual-fuel engines after a late-stage switch by an undisclosed shipowner. 

Argentine energy company, Pampa Energía and London-based Harbour Energy are to invest in Pan American Energy’s (PAE) FLNG project.

The naming and delivery ceremony for China's first large-scale Mark III Flex membrane fitted LNGC newbuilding, the 175,000 cu m, ‘Al Shelila’ was held last week. 

The first of a six-vessel series, this LNGC is one of the most innovative vessels ever constructed in China, with an optimised hull form, high-efficiency propellers, twin skeg design, and an air lubrication system (ALS) fitted.

‘Al Shelila’ was built by Jiangnan Shipyard for the Abu Dhabi National Oil Co (ADNOC) and is classed by DNV.

As the role of liquefied natural gas (LNG) in securing the global energy supply continues to grow, demand for LNGCs has soared, DNV said.

These are some of the most sophisticated ship types and developing the expertise and networks to successfully deliver these complex projects in a demanding market requires a co-operative effort.

‘Al Shelila’ is fitted with several efficiency and emissions reduction features that have drawn on experts from across DNV’s global network.

These include the adoption of twin WinGD 5X72DF-2.1 engines with Intelligent Control by Exhaust Recycling (iCER) system fitted for reduced methane slip, the GTT Mark III Flex membrane cargo containment system with an 0.085%/day boil-off (BOG) rate, two shaft generators for improving energy efficiency, and the Jiangnan Intelligent Ship System (JNIS) for real-time energy optimisation.

Capt Abdulkareem Al Masabi, ADNOC Logistics and Services’ CEO, said: “We are proud to take delivery of ‘Al Shelila,’ from Jiangnan Shipyard. In Arabic, ‘Shelila’ represents strength and grace, qualities that reflect the legacy of our forefathers’ vessels.

“As we expand our fleet to meet rising global demand for natural gas, our deepening partnership with Jiangnan Shipyard underscores the strong industrial ties between the UAE and China, reinforcing our shared commitment to powering global economic growth, and we commend DNV for their expert consultation in the design of this world-class vessel,” he said.

Lin Ou, Jiangnan Shipyard Chairman, added: “With the great trust and support of ADNOC L&S, DNV, GTT and all relevant parties, Jiangnan has completed the construction of China’s first Mark III type large LNG carrier two months ahead of schedule.

“As a leading global shipbuilding company specialised in the full series of gas carriers, Jiangnan has demonstrated our comprehensive shipbuilding ability again.

“We are committed to delivering the upcoming series of LNG carriers, VLECs, and VLACs on time with good quality, to better support ADNOC L&S to achieve its drive for fleet expansion and further deepen our strategic co-operation with ADNOC,” he said.

Knut Ørbeck-Nilssen, CEO DNV - Maritime, commented: “In the LNG segment achieving success requires bringing all stakeholders, from shipowners, and shipyards, to cargo owners, charterers, together on projects at the highest level of technical expertise and quality.

“This project is a testament to the excellent communication, planning, and co-ordination between ADNOC, Jiangnan Shipbuilding, and DNV and highlights the strength of our collaboration and the collective efforts of everyone involved. We are very pleased to have been part of the milestone and look forward to deepening our relationship over the coming deliveries,” he said.

“We are very proud of the support we have been able to provide to the Jiangnan shipyard in the highly challenging large LNG segment, Norbert Kray, DNV’s Regional Manager for Maritime Greater China, said: “We have worked closely together with ADNOC and Jiangnan to find solutions that can help realise the project with maximum efficiency, while maintaining compliance to our rigorous class rules and the relevant industry standards.

“That we have been collectively able to deliver on such a highly ambitious timeline is a fantastic achievement and demonstrates that there is a bright future for Chinese-built LNG carriers,” he concluded.

To help Chinese yards succeed in the emerging alternative fuels segment, in 2022, DNV established a gas carrier and alternative fuels expert team at its technical centre in Shanghai that provides a full range of expertise and services. 

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Going into this winter, price are only slightly higher than last year at the same time based on current forward natural gas and LNG prices in Europe and Asia, the US Energy Information Administration (EIA) said in a report.