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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.


Fuel Talk: Greener Ships 'Abandoned'

Push Back: Leaders citing limited returns for “green-fuels” investments include (from left): Håvard Ulstein, MD, Island Offshore; Karsten Sævik, CEO, Remøy Shipping; and Ståle Kyrkjedelen, Norway’s Operations Manager, Bourbon Offshore. (Photo: William Stoichevski)

In the immortal words of one Kermit the Frog, “it’s not easy being green.” Nor inexpensive. Offshore ship owners managing the demand “fallout” of the past year and navigating myriad environmental strictures say their leap of faith toward greener fuels has taken its


TEN Announces Four New Time Charter Contracts

Photo: Tsakos Energy Navigation Limited

 Tsakos Energy Navigation Limited (TEN), a leading diversified tanker owner, has announced new time charter contracts for four vessels, an aframax, two panamaxes, and a handysize product tanker, all to major end users.    The average contract length of all four fixtures is 14


Höegh LNG, SHI Ink FSRU Deal

Courtesy Höegh LNG

Höegh LNG Holdings Ltd. has signed a Letter of Intent ("LOI") for one firm and three optional FSRUs at Samsung Heavy Industries (SHI) in South Korea. The 170,000 m3 FSRUs have regasification capacity of 750 MMScf/day and full trading capabilities


New LNG Carrier Delivered for Petronet

Photo: Petronet LNG

A consortium comprising Nippon Yusen Kabushiki Kaisha (NYK), Mitsui O.S.K. Lines, Ltd. (MOL), Kawasaki Kisen Kaisha, Ltd. (“K” Line), and the Shipping Corporation of India Ltd. (SCI) took delivery of a new liquefied natural fas (LNG) carrier on November 30, 2016, in South Korea.


Thailand Ups Long-term LNG Imports Due to Coal Plant Delays

Thailand is increasing its planned long-term imports of liquefied natural gas (LNG) to meet rising demand after delays to the construction of coal-fired power plants, a senior official at energy ministry said on Wednesday.   Energy policy makers have revised their target of LNG imports to 17


ExxonMobil Inks Deal to Collaborate on Caledonia LNG Project

OIC MEETING PHOTO EXXONMOBIL

ExxonMobil, Babcock International Group, Bernhard Schulte Shipmanagement (BSM), Calor and Orkney Islands Council have signed an agreement to collaborate in the “Caledonia LNG ” project. The aim is to develop the infrastructure, storage and technical support needed to enable safe


SVEZA OK'd to Supply Plywood for LNG Carriers

GTTs auditor signs of plywood samples for qualification tests. (Photo: Sveza)

SVEZA Ust-Izhora plywood mill recently obtained the GTT (Gaztransport & Technigaz) Approval confirming compliance with specification of containment system for liquefied natural gas carriers. SVEZA Group is a leader in birch plywood production


First LNG-fueled Pure Car/Truck Carrier Named

World’s first LNG-fueled pure car and truck carrier Photo United European Car Carriers

United European Car Carriers (UECC), owned equally by NYK and Wallenius Lines, held a naming ceremony on November 21 at the Port of Zeebrugge, Belgium, for Auto Eco, the world’s first LNG-fueled pure car and truck carrier (PCTC). Auto Eco had been delivered to UECC on September 29.  


Two New SEA\LNG Partners

SEA\LNG, which works to accelerate the widespread adoption of liquefied natural gas (LNG) as a marine fuel, has welcomed two new partners, each representing key aspects of the LNG maritime value chain: ABS and Keppel Offshore & Marine’s Gas Technology Development.  


Partners to Build LNG Dual-fuel Bunker Ship for Singapore

Harley Marine International Holdings Pte. Ltd. said it has signed an MoU with Pavilion Gas Pte. Ltd, Mitsui O.S.K. Lines, Ltd. (MOL), and Mitsui & Co., Ltd. (Mitsui) to build the first liquefied natural gas (LNG) dual-fueled bunker tanker for Singapore.  


Samsung Heavy Cancels $776.8 mln LNG FPSO Order

Image: Samsung Heavy Industries

 South Korean shipbuilder Samsung Heavy Industries (SHI) has terminated a contract worth a 907.6 billion won ($776.8 million) for the construction of a liquefied natural gas (LNG) floating production and storage (FPSO) unit the shipbuilder signed with an unnamed European buyer back in January


First LNG-powered Hopper Dredger Launched

Worlds first LNG-powered hopper dredger Minerva launched Photo Royal IHC

The launch ceremony of DEME’s 3,500m3 LNG-powered trailing suction hopper dredger (TSHD) MINERVA took place on 3 December at Royal IHC's shipyard in Kinderdijk, The Netherlands. The official name giving and christening ceremony will take place in the spring of 2017 in Zeebrugge, Belgium.


ExxonMobil Sees PNG LNG Producing at 16 pct Above Nameplate

Photo:  PNG LNG

 ExxonMobil expects to deliver 7.9 million tonnes of liquefied natural gas from Papua New Guinea this year, around 14 percent above nameplate capacity of its PNG LNG plant,  says a report in Reuter's quoting the company's PNG head.  


Scottish Ferries Contract for Parker Bestobell Marine

Ferry Valve (Photo: Bestobell Marine)

Parker Bestobell Marine, part of Parker Hannifin, has won a contract to supply cryogenic globe and check valves for two Caledonian MacBrayne Ferries (Calmac) being built at Ferguson Marine Engineering in Glasgow.   The valves will be installed in the liquid natural gas (LNG) fuel gas


First Dual-fuel LNG Car Carrier Christened

AUTO ECO (Photo: Port of Zeeburgge)

United European Car Carriers (UECC), daughter company of Nippon Yusen Kabushiki Kaisha (NYK) and Wallenius Lines, signed a contract in 2014 for the construction of two dual fuel LNG Pure Car and Truck Carriers. The first vessel, de ms AUTO ECO






 
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