BG Global LNG appointed David Maxwell to the leadership team of the Global LNG business, according to a Chron.com report. As vice president and general manager, LNG Business Development, Maxwell will be responsible for developing new LNG opportunities in Asia Pacific for BG as well as helping to realize existing opportunities. Maxwell was with Woodside where he was director, Gas and Marketing and was involved in the development of Woodside's natural gas and LNG portfolio. He brings an in-depth knowledge of the oil and gas markets in the Asia Pacific region. Prior to this he was with Santos and had responsibility for marketing and business development. Maxwell will be based in BG's offices in Singapore. Source: Chron.com
Chantiers de l´Atlantique, ALSTOM Group, has awarded ABB Marine a contract to supply the electric propulsion system for a new 153,000 cu. M. LNG carrier, owned by Gaz de France. The vessel will be built in France by Chantiers de l´Atlantique and delivered in 2005. The supply of medium voltage power systems to LNG carriers has been a strong growth area for ABB. According to Martinus Brandal, head of ABB´s global Marine business, “In the last three years
The new report “The Drewry Annual LNG Shipping Market Review and Forecast” finds one sector of shipping with a bright future. The last thirty months has seen a massive surge in interest in the previously conservative LNG business with unprecedented levels of ordering activity for new vessels, much increased interest in new supply projects and new/expanded, terminals. With a growing fleet and more trading opportunities, the traditional structure of shipping could gradually be
A steel cutting ceremony for the hull of Petronas' first Floating Liquid Natural Gas (FLNG) held at the Daewoo Shipbuilding & Marine Engineering (DSME) shipyard in Okpo, South Korea. The steel cutting event signifies a major milestone for the project, which according to Petronas is the world’s first, and the construction phase now commences to meet its commissioning schedule in 2015. The ceremony was led by Petronas’ President and Group CEO
Belgian gas shipping group Exmar said on Thursday that the market for its very large and midsize gas carriers was at historically high levels in the third quarter and was expected to remain good in spite of new vessels being delivered in 2015. The group said its LNG business unit generated $8.5 million in operating profit in the third quarter, up from $7.8 million last year, while its LPG fleet saw an earnings spike to $15.6 million from $5
Jenny Gethings has been named vice president of business development at Seaspan Marine, the company announced. Gethings will lead Seaspan’s business development team as it continues to pursue new business, identify new markets and develop current and future opportunities for its marine division. Gethings brings to the role more than 25 years in the marine industry, including port operations and cargo logistics
MISC Bhd expects freight rates for crude oil to remain soft over the next two years as competitors put more new tankers to sea. MISC earns 90% of its profits from shipping oil and liquefied natural gas (LNG). A subsidiary of Petroliam Nasional Bhd (Petronas), the world's largest carrier of LNG. LNG is shipped under long-term contracts, but MISC still faces significant exposure to oil freight rates, with crude oil tankers accounting for 40% of its profits.
The Board of Arrow Energy Limited (Arrow) to unanimously recommend its shareholders vote in favour of the joint proposal to acquire 100% of Arrow shares. CS CSG (Australia) Pty Ltd, the 50/50 joint venture company owned by Shell and a subsidiary of PetroChina, has entered into an agreement with Arrow for the proposed acquisition under which it has agreed to pay $4.3 cash per share for all of the shares in Arrow, representing a total consideration of $3.2b
Teekay LNG Partners L.P. announced that Beverlee F. Park has accepted an invitation to join Teekay LNG's Board of Directors and to Chair its Audit Committee, effective March 11, 2014. Park replaces Robert E. Boyd who retired today from the Teekay LNG Board after serving as a Director and Chair of its Audit Committee since 2005. Park has extensive management and board experience in a variety of industry sectors. She has served at the board, CEO, COO and CFO level in publicly-traded
Daewoo Shipbuilding & Marine Engineering completed a floating liquefied natural gas (FLNG) project called “floating LNG plant” for the first time in the world. The PFLNG SATU was named at a ceremony held by Petronas, together with its strategic partners Daewoo Shipbuilding & Marine Engineering Co. Ltd (DSME) and Technip, at the DSME shipyard here in Okpo, South Korea. The FLNG was named “Satu” which means “first” in the
Oslo-based LNG shipping company, Awilco LNG, reported a first quarter freight income of US$8.9 million, down from $12.1 million in the same quarter the previous year. The pure play LNG transportation provider said that an oversupply of shipping in the carrier market
Regasifying and storing LNG offshore has allowed customers to import gas without committing to land-based infrastructure. The option also speeds up access to vast amounts of energy. “Wärtsilä focuses on completing the LNG value chain,” says Timo Koponen, Vice President
EDF Trading, a wholly-owned subsidiary of French power giant EDF, has signed an LNG sales and purchase agreement with Japanese LNG aggregator Jera Co Inc, one of the world’s largest buyers of liquefied natural gas. Jera, a joint venture between Tokyo Electric Power Co
Höegh LNG returned to profit following a Profit after tax of USD 6.3 million for the first quarter of 2016, up from USD 4.0 million net loss in the fourth quarter 2015. The company’s EBITDA reached $26.6 million for the first quarter of 2016, up from $24
As the U.S. prepares to enter the European gas markets with its first delivery of liquefied natural gas, Norway and Russia are expected to increase production to lower prices and make exporting less desirable to the U.S., reports Daily Sabah.
LNG shipowners will have to wait until 2018 for earnings to improve, when the majority of new US plants are expected to come online, according to the latest edition of the LNG Forecaster report published by global shipping consultancy Drewry.
Mitsui O.S.K. Lines, Ltd. (MOL; President & CEO: Junichiro Ikeda) announced the delivery of the LNG carrier KUMUL at Hudong-Zhonghua Shipbuilding (Group) Co., Ltd. (Hudong) in Shanghai on April 29. A naming ceremony was held at the shipyard on April 8
GTT subsidiaries, GTT North America, Inc. and GTT Training Ltd, announce the award of the first contract of its kind for the development and implementation of a comprehensive LNG (Liquefied Natural Gas) training program for the 2,200 m3 LNG Bunker Barge currently under construction at Conrad
China's biggest liquefied natural gas (LNG) importer CNOOC has started building two storage tanks at a receiving terminal in Fujian province for the super-chilled fuel, the official Xinhua news agency reported. The new tanks are part of a plan to increase the receiving capacity at
Mitsui O.S.K. Lines, Ltd. (MOL; President & CEO: Junichiro Ikeda) today teamed up with a local partner in Indonesia, PT Pelindo Energi Logistik (PEL; President Director: Denny Hermanto) to launch joint operation of the LNG carrier Triputra
Novatek deputy chairman and CFO Mark Gyetvay said the Yamal LNG project in Russia have now passed the 50 percent overall completion mark. Gyetvay noted that 100 percent of the Yamal LNG’s production capacity has been sold.
BMT Asia Pacific (BMT), a subsidiary of BMT Group Ltd, has been appointed Owners Engineer and lead design consultant by Endeavor Energy, for the development of the LNG storage and regasification facility as part of the Songon Gas-to-Power Project in Côte d’Ivoire.
HiLoad LNG AS, a subsidiary of Sevan Marine ASA, and Technip presented together this year the HiLoad LNG Parallel Loading System (PLS) at OTC. This system utilizes the HiLoad LNG unit for station keeping and Technip’s cryogenic flexible aerial pipes to transfer LNG from a FLNG unit (either a
Japan, the world’s largest buyer of liquefied natural gas is aiming to establish an international liquefied natural gas (LNG) trading hub by the early 2020s, according to a statement by Japanese Ministry of Economy, Trade and Industry (METI) .
The emergence of US liquefied natural gas as a competitive alternative for European and Asian customers, combined with an oversupplied market, should drive more convergence between natural gas prices at major hubs and weaken the link between gas and oil prices, Fitch Ratings says.