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Lng Market

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. “The operational performance of the Neo Energy since delivery in 2007 coupled with the current strength in the LNG markets has enabled us to secure an attractive employment for the vessel over the next four years,” stated Mr. Nikolas P. Tsakos, President and Chief Executive Officer of TEN. “The LNG market remains a close-knit and selective sector with demanding operating procedures. TEN has qualified as a reliable owner and operator of LNG tonnage and gained the acceptance of the LNG community worldwide. We view LNG transportation as integral in the overall energy chain, and we will continue to explore tangible opportunities in order to expand our footprint in this promising sector,” Mr. Tsakos concluded.


Crowley Enters LNG Market

Thomas B. Crowley, Jr., Crowley CEO, COO, COB, President (Photo: Crowley)

Crowley Maritime Corporation's petroleum services group is entering the Liquefied Natural Gas (LNG) market by acquiring Carib Energy LLC.  Florida-based Carib Energy, founded in 2011, was the first company to receive a small scale, 25-year, LNG export license from the U.S. Department of Energy (DOE) for LNG transportation from the U.S. into Free Trade Agreement (FTA) countries. While Crowley’s overall strategic focus on the LNG market will span several of its diversified business


TEN Enters LNG Market

Tsakos Energy Navigation Limited (TEN) announced that it had signed a contract for the construction of a Liquefied Natural Gas (LNG) carrier. The 150,000 cubic meter capacity vessel will be built by Hyundai Heavy Industries in Korea, and is scheduled for delivery in March of 2007. Today's contract represents TEN's first newbuilding order in the rapidly growing LNG market. TEN also expects to receive 6 suezmaxes and 6 product carriers between 2004 and 2007 and remains engaged in


Trafigura Fixes 6 Voyage Charters from Golar LNG

Swiss trader Trafigura has taken up to six liquefied natural gas (LNG) vessels from Norwegian shipping company Golar LNG, likely on a single-voyage basis to transport cargoes, trading and shipping sources said. The vessels are to be put at Trafigura's disposal from now through August or possibly September and sources say each vessel may be used for only a single voyage. The sources said this type of arrangement resembles a Contract of Affreightment


Keppel, BG Group JV to supply LNG Bunkers in Singapore

BG Group and Keppel to fuel ships with LNG in Singapore Photo BG Group

First delivery of LNG bunker expected to commence in 2017 Keppel Offshore & Marine Ltd (Keppel O&M), through its wholly-owned subsidiary KS Investments Pte Ltd (KSI), and BG Group plc (BG Group) have been selected to supply Liquefied Natural Gas (LNG) bunker to vessels in the Port of Singapore. The joint bid submitted by Keppel O&M and BG Group for the LNG bunker supplier licence is one of the two top bids selected by the Maritime and Port Authority of Singapore (MPA)


Total Signs Deal to Supply LNG to China's ENN

Image: ENN Energy

 Total SA has signed an agreement to supply liquefied natural gas to ENN Energy in China, according to a news release on the French energy company's website.   The deal is for 0.5 million metric tons of LNG per year for a period of 10 years and will be delivered from the company's facilities. Total didn't specify which projects if would source the product from but it has offtake from Australia's Ichthys project, geographically close to China.  


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.


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


Qatargas Signs 5-year UK LNG Supply Contract

LNG SPA signing: Photo credit Qatargas

Qatar Liquefied Gas Company Limited (Qatargas) and Petronas LNG (UK) Limited  have signed a 5-year Sales and Purchase Agreement (SPA) for shipment of an annual LNG volume of 1.14 million tones, to the UK, effective January 2014. The LNG will be supplied from Qatargas 4 (Train 7), a joint venture between Qatar Petroleum and Shell which started production in January 2011, and will be delivered on board Q-Flex LNG Vessels to Petronas’ Dragon LNG Terminal located in Milford Haven


Total to Broaden LNG Cooperation with Korea Gas

French oil and gas company Total said on Wednesday that it signed an agreement with Korea Gas to extend the cooperation in their liquefied natural gas (LNG) businesses.   The agreement is designed to jointly identify and pursue opportunities to develop the LNG market in Asia and in new importing countries, Total said in a statement.   The French group added that the firms would also cooperate in LNG trading and terminal optimisation.  


Nigeria's LNG Export Falls

Photo: Nigeria LNG Limited

 Babs Omotowa, Managing Director and Chief Executive Officer of Nigeria LNG Limited (NLNG), has raised alarm over Nigeria’s dwindling investments in Liquefied Natural Gas (LNG), according to a report in Thisday.   He noted that with no new investments


US Battles Russia for European LNG Market

Image: Cheniere Energy

 As the U.S. prepares to enter the European gas markets with its first delivery of liquefied natural gas, Norway and Russia are expected to increase production to lower prices and make exporting less desirable to the U.S., reports Daily Sabah.  


Statoil: Limited U.S. LNG Impact in Europe this Year

File Image: An LNG STS Transfer underway (credit: Excelerate)

The European natural gas market is well supplied by pipeline gas from Norway and Russia, Norway's Statoil said on Wednesday, adding that it expected only limited impact from U.S. liquefied natural gas (LNG) supply this year. "Looking at the gas market moving forward the starting point is


Pressure Steady on LNG Shipping Rates -Drewry

LNG shipowners will have to wait until 2018 for earnings to improve, when the majority of new US plants are expected to come online, according to the latest edition of the LNG Forecaster report published by global shipping consultancy Drewry.


What’s Next for LNG - DNV GL

Courtesy DNV GL

Dr. Gerd-Michael Würsig, Business Director LNG fuelled ships at DNV GL – Maritime, looked at some of the current issues in the LNG industry and provided an overview of what DNV GL is doing to support growth in this segment. “The main drivers, in order of importance, are price


Qatari LNG Tanker Logjam Signals Production Maintenance

Dozens of liquefied natural gas (LNG) tankers parked in and around Qatari export facilities - the world's biggest hub for the fuel - signal that seasonal maintenance is curbing output, industry sources said.   Around 25 tankers, all of which have exported LNG from Qatar in recent weeks


Qatar Petroleum Delivers 500th LNG Cargo UK

Saad Sherida Al-Kaabi, the President and CEO of Qatar Petroleum. Photo: QP

 Qatar Petroleum (QP) has announced the delivery of the 500th liquefied natural gas (LNG) cargo from QP affiliate Qatar Liquefied Gas Company (2) to the South Hook LNG Terminal at Milford Haven in the United Kingdom.   The landmark delivery, on Thursday March 24th


BIMCO, GIIGNL issue Voyage Charter for LNG Trade

Photo Courtesy  GIIGNL

BIMCO and the International Group of Liquefied Natural Gas Importers (GIIGNL) have today jointly issued the first definitive voyage charter party – LNGVOY - designed for the expanding LNG spot market. During the development process, BIMCO and GIIGNL consulted with the industry globally to


Qatargas in 4-Year Deal to Supply LNG to Kuwait

Saad Sherida al-Kaabi, Qatargas chairman. Photo: Qatar Liquefied Gas Company Limited-2 (Qatargas 2)

 Qatargas and Kuwait Petroleum Corporation (KPC) have signed a deal to supply half a million tonnes of liquefied natural gas (LNG) to Kuwait over the next four years, according to a report.    The LNG will be sourced from Qatargas 2, a joint venture among Qatar Petroleum


LNG Prices Retreat on Soft Demand

Asian spot prices for liquefied natural gas (LNG) extended their fall this week on slack demand, although production issues in Australia helped stem losses.   LNG for May delivery in Asia traded at around $4.20 per million British thermal units (mmBtu), compared with $4


GTT, AG&P to Tap Smaller Scale Modular LNG Market

GTT, (Gaztransport & Technigaz), an engineering company specialized in the design of membrane containment systems for the transportation and storage of liquefied gases, has signed a Technical Assistance and License Agreement (TALA) with AG&P (Atlantic, Gulf and Pacific Company)


Total, KOGAS Extend Cooperation on LNG

Image: Korea Gas Corp

 Korea Gas Corp, the world’s biggest importer of LNG, has struck deals with French giant Total to extend its reach into the liquefaction sector, reports Reuters.   Total has pledged to press forward with investment in LNG despite the downturn in oil and gas prices and has signed


LNG Producers Seek New Markets to Soak up Surplus

The world's top producers of liquefied natural gas (LNG) are investing in ship-fuelling operations, floating import terminals and power plants to open new markets and keep from drowning in a fuel surplus expected to last into the next decade.  


How Japan Can Lead the Marine Renaissance

Image: GE

Being an island nation, Japan is inevitably dependent on seaborne trade. Over time, this has led to it becoming a strong player in the global maritime market.    Japan’s shipbuilding pedigree has gained the country a foothold in LNG carriers


Cheap Oil Slows Move to LNG as Bunker Fuel

Low oil prices are denting the take-up of liquefied natural gas as a cleaner source of energy to power ships, and it will be a few more years yet before the fuel makes serious inroads into the marine bunker market.   The global shipping sector is under pressure from governments to reduce






 
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