A bright future is forecast for the LNG industry, as long-term gas demand drives major investment in global LNG facilities. A new report from energy business advisors, Douglas-Westwood (DW), predicts the Pacific basin will be the main contributor to a ten year global investment high of $26 billion per annum by 2015. The report is being launched this week at the 6th FLNG Asia Pacific Summit, Singapore and the 5th Annual Gas Storage Conference, London, with presentations by Jason Waldie and Joseph Dutton. “Last year saw recovery in LNG demand, led by Asian consumers. China, in particular, has seen its LNG demand grow from 1 bcm in 2006 to around 13 bcm today. LNG imports to Western European and Latin American countries have also increased. In addition, we have the prospect of increased demand for natural gas as the world considers the future of nuclear energy in the aftermath of the Japanese crisis,” said report lead author, Lucy Miller. “On the supply side, 2010 saw the commencement of major construction work on new facilities in Australia and Papua New Guinea. Despite lower levels of expenditure on new LNG facilities, resulting from projects being delayed by the recession, the market is expected to recover and Capex on LNG facilities for the 2011-2015 period is forecast to total over $93 billion,” concludes Miller.
The global fleet of tankers carrying liquefied natural gas needs to expand by 66% by 2010 to meet current and future demand from exporters including Qatar, Australia and Nigeria, according to LNG Shipping Solutions, as reported by Bloomberg. About 205 carriers need to be ordered, adding to the 182 ships in service and 127 units already contracted to be built, to meet demand for existing and future LNG projects.,As many as 105 vessels need to be ordered to meet demand for future projects and
SUEZ LNG NA LLC's subsidiary Neptune LNG LLC said today it received a letter from the United States Coast Guard deeming its Neptune Deepwater Port application for a license complete. Publication of the letter in the Federal Register will start a statutory 330-day review period for approval of a license to build the offshore liquefied natural gas (LNG) facility. In a related development, Neptune also announced today that it
Oregon LNG completed a navigation and docking simulation for three liquefied natural gas (LNG) tanker sizes at the Pacific Marine Institute in Seattle, Wash. The company says the simulation demonstrates that its proposed LNG site on the Skipanon Peninsula in Warrenton, Ore., can accommodate the 148,000 cubic meter (5.2 MMcf), 216,000 cubic meter (7.6 MMcf), or Q-Flex tanker, and the 266,000 cubic meter (9.4 MMcf) Q-Max tankers.
Key finding is that demand for the deep sea trades could grow significantly if LNG bunkers are competitively priced compared with other fuel options. The 52-page study, which is being launched at Gastech 2012, assesses the likely scale of demand for LNG fuel and LNG-fuelled newbuilds using a unique interactive model of data drawn from major industry stakeholders. The 2011-2012 study says global acceptance of LNG as a marine fuel will depend on the development of a global bunkering
Company plans to supply LNG to the northeastern U.S. via its advance LNG Project GDF SUEZ Gas NA has announced the advanceLNG Project, an initiative to provide attractively priced LNG to a wide array of customers in the U.S. Northeast. Starting today through December 31, 2013, GDF SUEZ Gas NA is accepting non-binding bids for LNG supply from the proposed project. While LNG from GDF SUEZ Gas NA's facility in Everett
According to Dubai’s Gulf News, excess capacity in the global fleet of liquefied natural gas carriers will be at its highest this decade in 2008, due to a growing, worldwide fleet causing lower utilization rates and it is predicted by analysts that utilization of the LNG fleet will fall to 77.4 percent in 2008, almost 13 percentage points lower than at the beginning of the decade. Demand for LNG tankers has deteriorated markedly as a result of a large increase in fleet supply partly caused by
Tsakos Energy Navigation Ltd. ("TEN") (NYSE: TNP) has announced a four-year time charter for the 2007-built 150,000 m3 LNG carrier Neo Energy to a major international energy concern. The charter is expected to commence in the first quarter of next year upon expiration of the vessel’s existing employment. This new charter, in line with current market levels, is anticipated to make a significant contribution to the bottom line over its duration.
Gas is big and growing, as rates for LNG hauling tanker rise for a third year, fueled in part by demand from Japan. According to a Bloomberg report, rising Japanese demand means that Golar LNG Ltd., which operates nine LNG tankers and is controlled by John Fredriksen, will report a threefold gain in 2012 net income, according to the mean of 11 analyst estimates in a Bloomberg survey. Golar is reactivating four-decade-old mothballed ships after rates doubled in 2011 and are forecast by
With its latest offering, Videotel said now provides a more extensive portfolio of training for the LNG sector. Working with experts across the globe – BP Shipping, Shell, Maersk and SIGTTO, among others – the company said it has created a package of training covering the essentials required when operating in this important market. Nigel Cleave, CEO of Videotel Marine International, said, “Twice as many LNG carriers are operating today compared with five years ago
United European Car Carriers (UECC), jointly owned by Nippon Yusen Kabushiki Kaisha (NYK) and Wallenius Lines, inform it has signed a contract to construct two triple-fuel LNG Pure Car & Truck Carriers (PCTCs). The contract has been signed with Kawasaki Heavy Industries (KHI) and the
RS has carried out a new phase of surveyors training on classification services for LNG carriers. The first phase (2008-2010) was carried out by RS in cooperation with American Bureau of Shipping (ABS) and included a theoretical course for surveyors according to joint program and a
By Jonathan Saul and Oleg Vukmanovic, Reuters Deliveries of new gas tankers have created a glut that is threatening to tip some operators into losses, just as other shipping markets emerge from their worst downturn in decades. The liquefied natural gas (LNG) tanker market was until recently
On February 27, Elliott Bay Design Group (EBDG), a Seattle-based naval architecture and marine engineering firm with offices in New Orleans and Ketchikan, obtained approval in principle (AIP) from the American Bureau of Shipping (ABS) for the design of a 2
By Oleg Vukmanovic and Jacob Gronholt-Pedersen, Reuters Asian spot liquefied natural gas (LNG) fell this week as demand from Brazil's Petrobras slackened and top Japanese buyers switched to cheaper fuels and relied more on supplies under long-term deals.
Mitsui O.S.K. Lines (MOL) inform it has signed a Head of Agreement on joint ownership and 20-year charter contract for a newbuilding LNG carrier with Tokyo LNG Tanker Co., Ltd. At the same time, MOL signed a contract with Japan Marine United Corporation to build the new vessel.
Maps of Indian and Japanese ports paper the walls of a Dominion Resources Inc conference room in a small Maryland town, population 1,835, known more for crabbing and bird watching than global trade and the U.S. natural gas revolution. Dominion, an American energy company long focused on U.S
Following first steel cutting in late 2012, Shell’s Prelude Floating Liquefied Natural Gas (FLNG) unit continues to take shape in Samsung’s Geoje shipyard in Korea, Douglas Westwood (DW) said in its Monday report. At 488 meters long by 74 meters wide and with an LNG processing
Sovcomflot, Russia’s largest shipping company, has taken delivery of its latest LNG carrier, the Velikiy Novgorod, from South Korea’s STX Offshore & Shipbuilding. The ship is equipped with a diesel-electric, dual-fuel propulsion system consisting of 2 × MAN 8L51/60DF and 2
Cut Andrea Cogliolo (Eric Haun) Caption Andrea Cogliolo International classification society RINA has been authorized by the Danish Maritime Authority to act on its behalf to carry out plan approval and surveillance during construction on
By Claire Milhench, Reuters New fuel rules for ships entering low sulphur zones around northwest Europe and North America next year could trigger a price spike in European gasoil, whilst refiners will struggle to offload unwanted fuel oil.
Reuters – New fuel rules for ships entering low sulphur zones around northwest Europe and North America next year could trigger a price spike in European gasoil, whilst refiners will struggle to offload unwanted fuel oil. From January 2015
SNAME announced its seventh technical meeting for the 2013-2014 season, during which Dr. Panagiotis Zacharioudakis, Senior Researcher at the National Technical University of Athens (NTUA), will speak on the subject of “The Financials of LNG
By Oleg Vukmanovic and Henning Gloystein, Reuters As Russia tightened its grip on Ukraine's Crimea region this month, U.S. and European Union officials were urging the Obama Administration to speed up approvals of more liquefied natural gas (LNG) export terminals.
International classification society Bureau Veritas (BV) is to class a gas-fuelled major ro-ro passenger ferry newbuilding and oversee the conversion of three existing ro-pax ferries to LNG power for Brittany Ferries. A major risk analysis carried out by Bureau Veritas together with Tecnitas was