Singapore supply deal
Pavilion Energy of Singapore and the UK major BP, through its trading arm in the Asian city-state, have signed a long-term LNG sale and purchase agreement (SPA) for the supply of around 800,000 tonnes of LNG per year to Singapore for 10 years from 2024. Beyond the supply of LNG to Singapore, both companies will strive to co-develop and implement a greenhouse gas (GHG) quantification and reporting methodology.
GTT patents ranking
French LNG storage tanks technology firm GTT was ranked first in the list of intermediate-sized companies (ETIs) issued by the France-based National Institute of Industrial Property (INPI) for patent applications, numbering 58 patents. In the ranking of the Top 50 patent applicants in all categories, GTT came in 30th place. “This ranking confirms GTT's strong capacity for innovation. With a research and development budget representing 10 percent of its turnover in 2020, GTT places innovation at the heart of its strategy, in all its activities,” said the company.
Charter rates rise
Shipping charter rates for LNG carriers in the spot market rose again in the past week by around $5,000 per day in the West of Suez market to between $64,000 per day and $60,000 per day for vessels of 155,000-165,000 cubic metres capacity. For vessels East of Suez spot charter levels were unchanged at between $54,000 per day and $50,000 per day, according to London brokers. One-year charter rates for the most modern vessels edged higher to around $78,000 per day.