Lng Demand

LNG: Gas Demand Drives Investment

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.

Report: LNG Fleet Needs to Expand 66%

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

Oregon LNG Completes Navigation, Docking Simulation

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.

Neptune Deepwater LNG Port Application Complete

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

LNG Bunkering Study Released by LR

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

China Steps Up with LNG

China has made concrete progress in shipbuilding. In September 2007, the first LNG (Liquefied Natural Gas) ship made by China State Shipbuilding Corporation (CSSC) will be delivered, reported the state-run Xinhua News Agency on February 19, 2007. The LNG ship has a capacity of around 47,199 cubic meter and is currently under-construction by Hudong-Zhonghua Shipbuilding, an arm of CSSC, the topmost shipping group in China and third largest in the world.

Global LNG Fleet to Peak in 2008

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

TEN Enters Four-Year Time Charter

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.

Betting Big LNG Rates Will Rise

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

Market Report: Long-Term Healthy LNG Ship Demand

The healthy LNG ship newbuilding orderbook is likely to continue through to the end of this decade. An additional 50 new ships will be required for delivery in-service within the next 10 years provided LNG growth continues at eight percent. This was amongst one of a number of detailed conclusions from recent research into LNG ship supply and demand, the results of which were presented recently at the North American LNG conference in Houston by Graham Marshall, V.P