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
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.
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
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.
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.
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.
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
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 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.
Dynagas LNG Partners LP enters into new long-term time charter agreements for two of its LNG carriers and maintains current level of cash distribution following its latest drop down from its Sponsor Monaco – March 31, 2016 –Dynagas LNG Partners LP. (the “Partnership”) (NYSE: “DLNG”), an owner and operator of LNG carriers, today announced the following: * Gazprom Global LNG Limited has extended its current charter for the 2007-built LNG carrier
German shipbuilder MEYER WERFT held a steel cutting ceremony on February 21 in Papenburg marking the ceremonial start of construction for the newest cruise liner for Rostock-based cruise company AIDA Cruises. The new cruise ship will be the world’s first capable of operating completely on
The Japanese shipping company Mitsui O.S.K. Lines, Ltd (MOL) will restructure its organization effective April 1, says a press statement from the company. MOL is establishing the Product Transport Business Unit, under which much of the carrier and port divisions will reside
France's Fosmax LNG has announced that it is considering making short/medium-term investments to modify its existing facilities to make them capable of receiving both existing and planned small scale LNG vessels at the Fos Cavaou LNG terminal, near Marseille.
In 2016 the sale of bunker oil - fuel for shipping - in the Rotterdam bunker port diminished from 10.6 million m3 to 10.1 million m3. There is no reason known for this decline. For the first time, ships bunkered a sea-going vessel with LNG, liquefied natural gas, in Rotterdam
Shell and Pavilion Gas will start supplying Singapore with liquefied natural gas (LNG) later in 2017 under contracts awarded last year, the city-state's trade minister said on Tuesday. "We will also allow interested parties to import spot LNG in the second half of 2017
ENGIE, Fluxys, Mitsubishi Corporation, and NYK have taken delivery of the world’s first purpose built liquefied natural gas bunkering vessel (LBV) from Hanjin Heavy Industries & Construction Co. Ltd., at the Yeongdo shipyard in Busan, Korea
ENGIE, Fluxys, Mitsubishi Corporation, and NYK have taken delivery of the world’s first purpose built liquefied natural gas bunkering vessel (LBV) from Hanjin Heavy Industries & Construction Co. Ltd., at the Yeongdo shipyard in Busan, Korea.
LNG Demand Set to Outpace Gas Demand Growth from 2015 to 2030 Shell launches LNG Outlook Global demand for liquefied natural gas (LNG) reached 265 million tonnes (MT) in 2016 – enough to supply power to around 500 million homes a year
First Australian commercial LNG bunkering completed in WA’s north-west on 23 January 2017 by EVOL LNG for Woodside Under an agreement with Woodside, EVOL LNG refueled the platform supply vessel, Siem Thiima, on January 23 at King Bay Supply Base near Dampier
Russia's largest private gas producer Novatek has no need to increase borrowing as it has sufficient funds for investments into its Yamal LNG project, the company's management said on Wednesday. At a conference call with analysts, Novatek's chief executive Leonid Mikhelson said his company has
Trading house Vitol purchased a liquefied natural gas (LNG) shipment from Angola's Soyo production facility following a tender, trade sources said. The vessel is currently sailing off South Africa on a heading which indicates a delivery to India or markets in Asia, the sources said.
Italy's OLT LNG import terminal moored off the Tuscan coas t is seeking up to 20 cargoes of liquefied natural gas (LNG) for delivery between April and September, two trade sources with direct knowledge of the tender said on Thursday.
LNG tanker shipmanagement company GasLog LNG Services Ltd. has selected Seagull Maritime’s e-learning material & Competence Management platform for use fleet-wide, in manning offices and online, along with the Crew Evaluation System for its main office in Greece.
Teekay LNG Partners has reported GAAP net income attributable to the partners and preferred unitholders of $84.4 million and adjusted net income attributable to the partners and preferred unitholders of $29.0 million in the fourth quarter of 2016.
Mitsui O.S.K. Lines, Ltd. today announced a plan to acquire a 5% share in Seajacks International Limited (Seajacks) Group, which owns and operates five Self-Elevating Platform vessels(*1), from Marubeni Corporation. This is a new offshore business for MOL, following FPSO(*2), FSRU (*3)