Lng Carriers On Order News

Japanese shipping giant NYK has ordered eight ME-GA engines from Man Energy Solutions for four liquefied natural gas (LNG) carriers.The order is for eight 5G70ME-GA Mk. 10.5 engines related to the construction of four 174,000 cbm. LNG carriers by NYK.All eight engines will feature MAN Energy Solutions’ proprietary EGRBP (Exhaust Gas Recirculation ByPass) emissions-reduction technology.“We developed this engine for easy application to most contemporary LNG carrier designs and, indeed, all ME-GA orders to date have been exclusively for this segment.

The Korean Register (KR) has awarded Approval In Principle (AIP) for a liquefied natural gas (LNG) carrier with a prismatic IMO type-B tank built by Hyundai Mipo Dockyard (HMD). The ship is a small to medium-sized LNG carrier with a B-type cargo tank developed as a result of a technical collaboration project between KR and HMD, which began in February 2020.The type-B tank is usually applied to the fuel tanks of large sized container ships or bulk carriers but HMD has developed the technology to apply it to small and medium-sized LNG carriers of 30,000 cubic meter capacity.

Greek shipowner GasLog announced Monday its newest liquefied natural gas (LNG) carrier HN2300, to be named GasLog Georgetown, commenced sea trials off South Korea.Built by Samsung Heavy Industries, HN2300 is a 174,000-cubic-meter capacity XDF LNG carrier with a Mk III Flex Plus cargo containment system giving a low boil off rate of 0.07%, combined with a sub cooler.Upon delivery, GasLog Georgetown will be operated under a seven-year charterer for U.S.-based Cheniere.The ship will be the fourth newbuild delivered to GasLog in 2020…

GasLog signed an Export Credit Agency-backed debt financing of $1.05 billion with 12 international banks for its current newbuilding program.The LNG carrier owner and operator has seven LNG carriers on order at South Korean shipyard Samsung Heavy Industries (SHI), five of which are for delivery in 2020 with two more due in 2021.The Newbuild Facility covers the balance due to the shipyard on delivery and consequently the final installments of the seven newbuildings are fully funded.Five of these seven newbuildings are scheduled to deliver from the yards into firm multi-year charters in 2020 and the remaining two into firm multi-year charters in 2021.The facility has a tenor of up to 12 years with an amortization profile of 18 years from vessel delivery.

Silverstream Technologies, an air lubrication manufacturer for the shipping industry, signed a Memorandum of Understanding (MoU) with Hudong-Zhonghua, part of the CSSC Group, which will see the Silverstream System integrated into Hudong-Zhonghua’s new building designs for its future LNG carriers in order to increase operational and fuel efficiencies.The system is said to help reduce fuel costs and emissions by between 6% and 8%.Hudong-Zhonghua is a subsidiary of the China State Shipbuilding Corporation (CSSC), China’s largest shipbuilding group, and the second largest in the world.

The global newbuilding orderbook for vessels has shrunk to the lowest level in 15 years as vessel owners struggle with excess capacity.According to to data from Clarksons Research, there were 3,200 vessels of a combined 81 million gross tons ordered globally in the first quarter of 2019, which is the lowest figure since 2004.A report in the WSJ quoted George Warner of Clarksons Research as saying: "“The global order book has declined to its lowest level since the early stages of the shipbuilding boom.”The report said that the crude tankers and bulkers made up around two thirds of all orders a decade ago,  but this year the share has…

Hyundai Mipo Dockyard (HMD) became Korea’s first shipbuilder to win an order for a small-to-medium-sized liquefied natural gas (LNG) carrier from a foreign shipping company, gaining momentum to pioneer the emerging small-scale LNG tanker segment.HMD signed a contract with Norway’s Knutsen to build a 30,000 cu. m. LNG carrier for $77 million, with an option for a second vessel of the same specification.The signing ceremony, held in Knutsen’s headquarters office based in Oslo, was attended by Hyundai Heavy Industries’ (HHI) President Ka Sam-hyun and Knutsen’s President Trygve Seglem along with others.The vessel on order from Knutsen is 180 meters in length…

Ship owner GasLog Ltd. announced it has ordered another newbuild liquefied natural gas (LNG) carrier from South Korean shipbuilder Samsung Heavy Industries, with options for additional newbuilds. The 180,000 cubic meter capacity Flex Plus vessel with XDF propulsion is the second LNG carrier ordered by GasLog this year. The two vessels are unchartered and scheduled to be delivered in the third quarter of 2019 and the second quarter of 2020 respectively. “Given that the outlook for LNG shipping demand remains robust…

GasLog , an international owner, operator and manager of liquefied natural gas (LNG) carriers, has announces that it has ordered a newbuild 180,000 cubic meter vessel with XDF propulsion from Samsung Heavy Industries (SHI) that is scheduled to  deliver in the third quarter  of 2019. This vessel is currently unchartered but its early delivery means that it is expected to deliver into a strong LNG shipping market. Paul Wogan, Chief Executive Officer of GasLog Ltd., commented, "I am very pleased to announce this expansion in our fleet. GasLog is an international owner, operator and manager of LNG carriers. GasLog's fully-owned fleet includes 15 LNG carriers (including 10 ships in operation and 5 LNG carriers on order) and GasLog.

Daewoo Shipbuilding & Marine Engineering (DSME) has signed new contracts with Maran Gas Maritime and Maran Tankers Management for the construction of two ME-GI powered LNG carriers and two VLCCs, both shiptypes with a number of options. Maran Gas Maritime has already four ME-GI powered LNG carriers on order at DSME. Maran Gas Maritime is the LNG shipping company of Angelicoussis Shipping Group, Greece’s largest shipowner, and Maran Tankers Management is the tanker arm of Angelicoussis. The Korean shipbuilder announced on June 9 that it won the orders at the international shipping exhibition Posidonia in Greece. The LNG carriers are slated for delivery in 2019 and the VLCCs are due in the first half of 2018.

Bestobell Marine has secured an order for its cryogenic globe and check valves for the second LNG carrier in the Yamal series of vessels being built at DSME shipyard in South Korea. After winning the contract to supply cryogenic valves to the first vessel that will be owned and operated by Russian company Sovcomflot, the company proved it had the expertise and capabilities to supply the second Yamal vessel, which will be owned and operated by Japanese shipping company Mitsui O.S.K. Lines (MOL).

Peter Livanos-backed Monaco-headquartered owner and operator of liquefied natural gas (LNG) carriers GasLog Ltd. has completed a USD 1.3 billion credit facility with fourteen international banks to finance the construction of eight 174,000 cbm newbuilds. New York-listed GasLog says 14 banks, plus two export credit agencies, have supported the facility. The Export Import Bank of Korea (KEXIM) and the Korea Trade Insurance Corporation (K-Sure) are either directly lending or providing cover for over 60% of the facility, GasLog said. GasLog  has eight 174,000-cbm LNG carriers under construction in Korea, of which six are being built at Samsung and two at Hyundai Heavy Industries. Half the vessels are scheduled to arrive next year, three will follow in 2018 and another in 2019.

Japanese shipbuilder Mitsubishi Heavy Industries, Ltd. (MHI) informs it has received orders for the construction of two next-generation liquefied natural gas (LNG) carriers that will primarily carry shale gas produced in North America. The shipbuilding contracts, received through MI LNG Company, Limited, a joint venture between MHI and Imabari Shipbuilding Co., Ltd., will see the delivery of one LNG carrier each for two separate joint ventures which Chubu Electric Power Co., Inc. has established with Mitsui O.S.K. Lines, Ltd. (MOL) and Nippon Yusen Kabushiki Kaisha (NYK Line), respectively. The vessels will be built at MHI's Nagasaki Shipyard & Machinery and are both scheduled for completion and delivery in 2018 when they will commence transporting shale gas produced in North America…

GasLog Partners LP and GasLog Ltd. announced today the closing of the Partnership’s acquisition from GasLog of 100% of the ownership interests in the entities that own and charter the liquefied natural gas (“LNG”) carriers the Methane Alison Victoria, the Methane Shirley Elisabeth and the Methane Heather Sally. GasLog’s fully-owned fleet consists of 19 LNG carriers (including 11 ships in operation and 8 LNG carriers on order), and GasLog has four LNG carriers operating under its technical management for third parties.GasLog Partners LP’s fleet consists of eight LNG carriers with an average carrying capacity of 148,750 cbm, each of which has a multi-year time charter.

Mitsubishi Heavy Industries, Ltd. (MHI) reports it has received an order for two next-generation LNG (liquefied natural gas) carriers from Mitsui & Co., Ltd., scheduled for completion and delivery in 2018 and 2019, respectively. They will be put into service for the Cameron LNG Project underway in the United States, an initiative in which Mitsui is participating, marking the first order placed to MHI for LNG carriers to transport shale gas. The order for the two LNG carriers was received through MI LNG Company, Limited, a joint venture between MHI and Imabari Shipbuilding Co., Ltd. The vessels will be constructed at MHI's Nagasaki Shipyard & Machinery Works.

To be built in Ulsan, Korea, the ships will feature energy efficient reheated steam turbine engines. ABS, a provider of classification and technical services to the maritime industry, has been awarded a contract for the classification of two innovative 'Moss-type' LNG carriers to be built in Korea for Malaysia's Petroliam Nasional Bhd (Petronas). The 150,200-m3 capacity ships will the largest Moss-type units ever built at Hyundai Heavy Industry's shipyard in Ulsan, Korea, featuring the latest technology to improve energy efficiency and operational reliability.

LNG carrier owners and operators, GasLog Partners LP, inform it has priced its initial public offering of 8,400,000 common units representing limited partner interests at $21.00 per common unit. The common units will begin trading on the New York Stock Exchange on May 7, 2014 under the ticker symbol “GLOP”. The offering is expected to close on May 12, 2014. The underwriters have a 30-day option to purchase up to 1,260,000 additional common units from the MLP at the initial public offering price. GasLog will retain 1,422,358 of the MLP’s common units if the underwriters’ option to purchase additional common units is not exercised or will retain 162…

FLEX LNG announce they have executed a binding and final settlement agreement with shipbuilders Samsung Heavy Industries: arbitration proceedings have been discontinued and all actual and potential claims and counterclaims arising out of past relationships and contracts between them have been settled. As part and parcel of the settlement agreement, two ship building contracts have been entered into between SHI and FLEX LNG for two 174,000 m3 TFDE LNG Carriers at prices reflecting current market conditions. As a result of the settlement agreement the parties have agreed to redeploy USD 210 million from payments already made to SHI by the FLEX LNG group, which will be used as the first instalment for the two vessels. The remaining instalment will be due on delivery of the vessels.

The surge in liquefied natural gas (LNG) carrier newbuildings and the accompanying development of a new generation of these specialized ships has generated interest in alternative propulsion systems to the traditional gas fired steam plant. These alternatives are addressed in the new ABS Guide for Propulsion Systems for LNG Carriers, the first such comprehensive set of standards to have been issued by a classification society. Currently several type of propulsion configurations are being ordered with others yet being planned. At the heart of the differing propulsion systems debate is economics together with safety concerns over the manner in which boil off gas (BOG) is treated.

Ongoing simulation model development focuses on vessel efficiency. Kongsberg Maritime has released a sophisticated Engine Room Simulator (ERS) model based on a Dual Fuel Diesel Electric (DFDE) Engine Room configuration from a modern liquefied natural gas (LNG) carrier. The new DFDE model will offer the most sophisticated simulator training for LNG engineers available today. DFDE driven vessels are becoming more and more common and the new engine room simulator model from Kongsberg…

ABB's order, worth $80 million from Samsung Heavy Industries, is to supply energy efficient drives, motors and electrical power systems for five drilling vessels and two liquefied natural gas (LNG) carriers to be built at Samsung’s shipyard in Korea. The vessels will be used to extract, process and transport oil and gas. Samsung is building five drill ships (three for Seadrill Ltd. in Norway, one for Pacific Drilling S.A in Brazil and one for Ensco Plc in the UK) and two LNG carrier vessels for Golar LNG Ltd in the UK. The vessels will be used for oil and gas exploration and the transportation of liquefied natural gas. ABB will deliver the complete electrical system for the seven vessels…

GasLog Ltd., owner, operator & manager of liquefied natural gas (“LNG”) carriers, reports financial results for second quarter 2012. GasLog’s fleet consists of 10 wholly-owned LNG carriers, including two ships delivered in 2010 and eight LNG carriers on order. In addition, GasLog currently has 12 LNG carriers operating under its technical management for third parties. • Continued strong fundamentals for the LNG industry. • For the second quarter, GasLog reports Adjusted EBITDA(1) of $8.4 million, Adjusted Profit(1) of $2.6 million and Loss of $3.6 million. • Adjusted earnings per share ("EPS")(1) of $0.04 and loss per share of $(0.06) for the second quarter of 2012. • Operating performance in-line with management’s expectations and reflects full employment of the delivered fleet.

The Korea Times reported that shipbuilders who were enjoying solid sales have also secured an additional growth engine for further expansion rising oil prices. With oil prices hitting record highs, offshore oil exploration has picked up, leading to strong demand for drilling rigs and for the conversion of oil tankers into floating-production, storage and offloading (FPSO) vessels. The unit price of Dubai crude oil, South Korea’s benchmark, rose to a record high of $71.13 in August, an increase of $1.64 from a month earlier, according to data from the National Statistical Office (NSO). The statistics agency added that it is the first time for oil import prices to exceed $70 a barrel. Industry sources said oil prices have quadrupled since 2002.