Marine link
 

Lng Contract

LNG Destination Clauses May End: IGU

Destination clauses on contracts for liquefied natural gas (LNG)shipments will soon be a thing of the past because of the shale revolution in the United States, the head of the International Gas Union said in an interview. Japan and other buyers of LNG have long complained that the destination clauses on multiple-year term contracts place an unfair restriction on trade of the fuel. Those objections have been rebuffed by producers up until recently, but that is changing as the United States is on the verge of becoming a gas exporter. The conversion of U.S. sites formerly planned as import terminals into liquefaction plants - after its natural gas output surged with the use horizontal hydraulic fracturing - has meant that supplies contracted for deliveries to the United States often have no market. "It will be more and more difficult to maintain destination clauses, based on the recent experience with the reverse of the U.S. market," Jerome Ferrier, the president of the International Gas Union told Reuters in an interview. "It doesn't make sense to send Yemen production with the destination Boston in the U.S. when there is no market and not accepting to send (the cargo) to Asia ... sharing the margin or the advantage of such a reroutage," Ferrier said. Boston, Massachusetts, is the main destination of the few LNG cargoes still heading into the United States


Japan LNG Prices Fall to Lowest in More Than 2 Years

Prices for liquefied natural gas (LNG) spot cargoes for Japan, the world's top buyer, fell in May to the lowest since the trade ministry started publishing figures more than two years ago, official data showed on Thursday.   The average price of spot LNG contracted in May fell by 10 cents from the previous month to $4.10 per mmBtu, the monthly data by the Ministry of Economy, Trade and Industry (METI) showed, down from $14.80 two years ago.  


Oil Ministry Hopes to Get Iran LNG Contract

With the UN referral issue creating uncertainty about India's future relations with Iran, the Petroleum Ministry is fairly assured of the supply of five-million-ton contracted liquefied natural gas (LNG) from Iran. According to the Hindu Business Line, the 5 mt per annum LNG deal was legally binding, which ends speculations that the $20 billion LNG deal with Iran may be in trouble. The ongoing negotiations with Iran are for the additional 2.5 mt per annum


Torghatten Nord Names LNG Supplier for Ferry Fleet

Barents NaturGass AS reportedly won a contract to supply liquefied natural gas (LNG) to Torghatten Nord AS for seven new LNG ferries in one of Norway’s busiest waterways, according to a report on www.ngvglobal.com. The contract takes into consideration the full environmental profile of fuel supply and stipulates that trucks delivering fuel to depots must also be LNG-powered. Torghatten Nord signed the largest ferry contract in Norway, to a value of $238m


Yamal LNG Inks Deal with Gazprom to Sell LNG in Asia

A trading subsidary of Russian gas producer Yamal LNG has signed a long-term supply contract with a trading subsidiary of Gazprom, under which liquefied natural gas (LNG) produced by Yamal LNG will be sold in Asia, Yamal LNG said on Friday.   The company said in a statement that the contract involved sales of 2.9 million tons of LNG per annum which would be sold to the Asia-Pacific region, primarily India, with the LNG priice indexed to crude oil.  


Yamal LNG Bags Contract for 96% output

Image: Yamal LNG

The Yamal LNG project has signed contracts for the sale of 96% of liquefied natural gas (LNG) it produces, Tass news agency reported, citing Evgeny Kot, head of Yamal LNG.   "96%, practically the total volume of LNG we produce will be sold under long term contracts. This means 20-25 years," he said.   According to him, the countries of Asian-Pacific region account for 86% of the contracts.   


Korean Shipyard Wins LNG Carrier Contracts

LNG Carrier: Photo credit Wiki CCL Wolfgang Meinhart

Hyundai Heavy Industries (HHI) & its affiliated shipyard obtain orders totalling US$1.05 billion to build five liquefied natural gas (LNG) carriers. One of the LNG carriers of 155,000-cubic-metre capacity and worth US$210 million is for Brunei Gas, reports the Oman Daily Observer. HHI's affiliated shipyard, Hyundai Samho Heavy Industries, also won a contract for four 174,000-cubic-metre LNG carriers valued at $840 million from Greece’s Maran Gas


Teekay Order Two More 173,400 cu.m LNG Carriers

Flags displayed at signing: Photo credit Teekay Tankers

Teekay LNG Partners L.P. has exercised two of its three existing options with Daewoo Shipbuilding & Marine Engineering Co., Ltd., (DSME) of South Korea for the construction of two 173,400 cubic meter liquefied natural gas (LNG) carrier newbuildings for delivery in 2016. These two newbuilding LNG carriers are in addition to the two LNG carriers Teekay LNG ordered from DSME in December 2012, which have since secured time-charter employment commencing upon delivery.


BP, Pavilion Ink Long-Term LNG Deals

Pavilion to buy 0.4 mln tpy LNG from BP for 20 years. Aims to become a global LNG firm in medium to long term. Working with SGX, regional govts on LNG price marker. Singapore's Pavilion Energy said it had signed two long-term contracts to buy liquefied natural gas (LNG) for trading and supply to Asia, adding to a previous contract as the state-owned firm seeks to become a global supplier. Pavilion Energy said in a statement on Wednesday its wholly owned subsidiary Pavilion Gas Pte Ltd


MOL, Mitsui Ink Charter Deal

Courtesy  Cameron LNG

  Mitsui O.S.K. Lines, Ltd. signed a contract with Mitsui & Co., Ltd. today (January 29) to charter a new 177,000m3 liquefied natural gas (LNG) carrier. This is the third newbuilding vessel chartered by Mitsui & Co., following a contract signed last September 26 for two carriers. MOL will manage the new vessels and transport shale gas-derived liquefied natural gas (LNG) from Cameron Project in Louisiana, the United States.


VEB Guarantees $3 Bln of Yamal LNG Debt

Russian development bank VEB said on Friday it had provided a guarantee for $3 billion of debt to the Yamal liquefied natural gas (LNG) project, led by Russian gas firm Novatek.   VEB said in a statement that the guarantee would help encourage overseas financing for the Yamal project


Conrad Shipyard Forms LNG Business Unit

Conrad LNG Vice President Brett Wolbrink (Photo: Conrad Shipyard)

Conrad Shipyard has formed a new business unit focused on LNG projects.   Conrad, builder of North America’s first LNG bunker barge scheduled for 2017 delivery, said it continues to actively pursue other LNG opportunities, including developing designs for additional transport barges


World Trade Routes Won't be the Same with Expanded Panama Canal!

Graph: Clarksons Research

 On 26th June 2016, a landmark development for the shipping industry will occur with the opening of the new third set of locks at the Panama Canal. Clarksons Research takes a look.   Around ten years in the making, the expansion will enable significantly larger ships to transit the


List: Top Five UK Ship Owners

Photo: Zodiac Maritime

Following last week's landmark referendum results, VesselsValue has compiled a list of the top five U.K.-based shipowners and their total fleet value in USD billions.   1-Zodiac Maritime: car carriers, containerships, bulk carriers and crude, product and LPG carriers 


Golar Redesigns Ship Management with BASSnet

Courtesy Golar LNG

Following a comprehensive exercise to insource all ship management functions and to build a fully integrated shipping company, Golar LNG recently chose the BASSnet software as the core building block for the management of its fleet of 23 LNG carriers.


NLNG Adds New Vessels

Image: Nigeria Liquefied Natural Gas Limited

 The Nigeria Liquefied Natural Gas Limited (NLNG) will this month receive the last of the six new vessels it bought for the transportation of liquefied natural gas (LNG) to various parts of the world, says a report in The Nation.  


India Teams up with Japan, South Korea on LNG

Dharmendra Pradhan. Photo: Ministry of Petroleum and Natural Gas

 India plans to form an alliance with Japan and South Korea to buy liquefied natural gas (LNG) at "reasonable prices", the country's oil minister Dharmendra Pradhan said.   India may soon rope China into the alliance as well, he said.  


NYK Joins Study for LNG Bunkering in Yokohama

Image of LNG-fueled tugboat Image NYK

NYK is participating in a study launched by Japan’s Ministry of Land, Infrastructure and Transport and Tourism (MLIT) to explore the feasibility of LNG bunkering in Yokohama.   This study is examining the technological and infrastructural requirements for establishment of an LNG


ME-GI Engines for Maran's New LNG Carriers

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


Teekay Orders LNG Cargo Training Software

Specialist liquefied natural gas (LNG) training and simulation provider GTT Training has been awarded a contract by Teekay Shipping to supply the G-Sim LNG simulator software into its training centers in Glasgow, Manila and Bahrain.  


ABS Group Signs on Elba LNG Project

ABSG Consulting Inc., a subsidiary of ABS Group of Companies, Inc. (ABS Group), has been contracted by Kinder Morgan, Inc. to develop a Maintenance and Integrity Program for the liquefied natural gas (LNG) regasification terminal at Elba Island (Elba LNG Project) near Savannah, Georgia.  


SCF Group Secures Funds for New Arctic LNG Tanker

PAO Sovcomflot (SCF Group) and VTB Bank have signed a $260 million 13-year loan agreement, providing financing of construction of an Arctic liquefied natural gas (LNG) tanker for the Yamal LNG project.   The agreement was signed on June 17, 2016 by Sergey Frank


Golar, Stonepeak Launch Launch FSRU Joint Venture

Golar LNG Limited announced that it has entered into a 50/50 joint venture with investment vehicles affiliated with private equity firm Stonepeak Infrastructure Partners. The joint venture company, Golar Power Ltd, will offer integrated LNG based downstream solutions


GasLog Completes $1.05 Bn Financing Facility for Six Vessels

Photo: GasLog Ltd

 Monaco-headquartered owner and operator of liquefied natural gas (LNG) carriers GasLog Ltd. has launched a debt financing of USD 1.05 billion with a number of international banks to re-finance six legacy vessel facilities.   The Legacy Facility Re-financing covers eight on-the-water


GTT, Endel Team-up to Roll-out Membrane Containment Systems

The concept, design, components, erection and testing of the membrane tank systems provided by GTT

21 June 2016. GTT and the Endel company1 reaffirmed their collaboration in the area of LNG as a marine fuel, following the recent signature of a Technical Assistance and License Agreement (TALA) for the construction of GTT membrane containment systems






 
rss feeds | archive | privacy | history | articles | contributors | top news | contact us | about us | copyright