Marine Link
Monday, March 18, 2024
SUBSCRIBE

Lng Market News

28 Feb 2024

Qatar's Bigger LNG Expansion to Squeeze US, Other Rivals

(File photo: QatarEnergy)

Qatar's planned expansion of liquefied natural gas (LNG) production could see it control nearly 25% share of the global market by 2030 and squeeze out rival projects including in the United States where President Biden paused new export approvals, market experts say.Qatar, one of the world's top LNG exporters, plans an 85% expansion in LNG output from its North Field's current 77 million metric tons per year (mtpa) to 142 mtpa by 2030, from previously expected 126 mtpa.Some market experts said that the move will have an impact on global projects in the United States…

27 Feb 2024

Woodside and Kogas Agree LNG Supply Deal

Source: Kogas

Woodside has signed a sale and purchase agreement (SPA) with Korea Gas Corporation (KOGAS) for the long-term supply of LNG to Korea.The SPA provides for the supply of approximately 0.5 million tonnes per annum of LNG for a period of 10.5 years on a delivered basis, commencing in 2026 subject to customary conditions precedent.LNG delivered to KOGAS under the SPA will be sourced from uncommitted volumes across Woodside’s global portfolio, including the Scarborough Energy Project which is targeting first LNG cargo in 2026.Woodside CEO Meg O’Neill said the SPA was significant as Woodside’s first l

22 Dec 2023

Lack of Arctic Tankers Puts Russia's LNG Development Dreams on Ice

© KKF / Adobe Stock

Russia is hoping its shipments of liquefied natural gas (LNG) will offset a sharp fall in pipeline gas exports to Europe, but a shortage of gas tankers and sanctions hold back its plans, analysts and industry sources said.Russia wants to boost its share of the LNG market to 20% by 2030 from 8% now, but a force majeure declaration by top producer Novatek over LNG supplies from its future Arctic LNG 2 project due to sanctions shows the hurdles it faces.Novatek's announcement comes after the United States last month imposed sanctions on Arctic LNG 2…

22 Dec 2023

Capital Product Partners Move Forward with $3.1B Acquisition of 11 LNG Carriers

(Credit: Capital Gas)

New York-listed shipowner Capital Product Partners L.P. (CPLP) has closed the umbrella agreement from November 2023, moving forward with the $3.1 billion acquisition of 11 newbuild LNG carrier vessels.CPLP entered into umbrella agreement with Capital Maritime & Trading Corp. and Capital GP on November 13, providing for the acquisition of 11 newbuild liquefied LNG carriers.Upon the closing of the umbrella agreement on Thursday, CPLP entered into 11 share purchase agreements to acquire 100% of the equity interests in each vessel-owning company.Each Vessel will have a capacity of 174…

19 Dec 2023

How Could Red Sea Attacks Affect Oil and Gas Shipping?

© Vallehr / Adobe Stock

Several shipping companies and a few liquefied natural gas (LNG) tankers have decided to avoid the world's main East-West trade route, following attacks launched by Yemen's Houthi group on commercial ships at the southern end of the Red Sea.The attacks raised the specter of another bout of disruption to international commerce following the upheaval of the COVID pandemic, and prompted a U.S.-led international force to patrol waters near Yemen.IS THE RED SEA ROUTE IMPORTANT FOR…

08 Nov 2023

US Working with Allies Over Sanctions on Russian Arctic LNG Project

© KKF / Adobe Stock

The Biden administration is working closely with partner countries over sanctions on a Russian liquefied natural gas project in the Arctic as a January deadline looms on a wind down of transactions with the plant, a State Department spokesperson said on Wednesday.The U.S. imposed sanctions last week on the Arctic LNG-2 project in Russia as part of wide-ranging measures to punish Moscow for the war in Ukraine. The Office of Foreign Assets Control, part of the Treasury Department, also issued a general license that authorizes the wind down of transactions involving Arctic LNG-2, through Jan.

08 Nov 2023

Japan Says to Ensure U.S. Sanctions on Russia LNG Project Won't Harm Supplies

Arctic LNG 2 Illustration - Credit: Saipem (File image)

Japan will make sure its energy supplies are not affected by sanctions the United States recently imposed on the Arctic LNG 2 project in Russia in which it has a stake, Industry Minister Yasutoshi Nishimura said on Tuesday.Japan, the world's second-largest liquefied natural gas (LNG) buyer, relies on LNG as a transition fuel before it reaches carbon neutrality in 2050, and has supply contracts and stakes in projects globally to guarantee imports.The Arctic LNG 2 project is to be launched next month…

03 Aug 2023

Harsh Weather Offshore LNG Terminal Firm Crown to Merge with Catcha

Kakinada LNG terminal (Illustration by Aker Solutions)

Crown LNG Holdings AS, a provider of LNG liquefaction and regasification terminal technologies for harsh weather locations, has agreed to merge with Catcha Investment Corp, a publicly traded special purpose acquisition company, that would result in Crown becoming a U.S. publicly listed company. The combined company, named Crown LNG Holdings Limited (“PubCo”), intends to apply to list its shares on the New York Stock Exchange under the new ticker symbol “CGBS”.Crown designs and…

20 Jul 2023

Argentina Turns Away Gunvor-chartered LNG Tanker, Citing Sanctions

A tanker containing liquefied natural gas (LNG) that originated from a Russia supplier and was loaded onto a Gunvor Group-chartered vessel off the coast of France was turned away this week by Argentine energy firm Enarsa, according to officials.The tanker Flex Artemis was in the South Atlantic and heading northeast on Thursday, according to Refinitiv vessel tracking. It had carried LNG from Yamal in Russia, according to a trader familiar with the matter, and had arrived in Argentine waters about July 14.The rejection is one more sign of the energy market upheavals since Russia’s invasion of Ukraine last year and of a growing wariness of buyers involving even authorized deals with Russia-originated fuels.

10 Jul 2023

Celsius Orders Four LNG Carriers

Shipowner Celsius Tankers announced it has ordered four new liquefied natural gas (LNG) carriers from shipbuilder China Merchants Heavy Industry (Jiangsu) (CMHI) for scheduled delivery in 2026 and 2027.Celsius has formed a joint venture with an affiliate of ArcLight Capital Partners (ArcLight), a middle-market infrastructure investor, to fund two of the LNG carriers. Commodities trading house Gunvor Group Ltd will have a significant equity interest in the other two newbuildings, the first for any independent LNG trading company, demonstrating the strength of Gunvor's global position in the LNG market. All four vessels will enter long…

19 May 2023

Asian Spot LNG Prices Slip to Two-year Low

© Nicola / Adobe Stock

Asian spot liquefied natural gas (LNG) prices slipped to their lowest level in two years on weak demand and high inventories, while European LNG prices also fell below the $10 mark amid healthy stock build and limited need for additional supply.The average LNG price for July delivery into northeast Asia was down 6.6% from the previous week at $9.8 per million British thermal units (mmBtu), the lowest since May 2021, industry sources estimated."Prices continue to linger sub $10 as general demand remains lacking…

12 Apr 2023

LNG Imports Test EU Resolve to Quit Russian Fossil Fuel

© KKF / Adobe Stock

Political pressure is building within the European Union to tackle the daunting challenge of closing a loophole in its efforts to stop using Russian fossil fuels: liquefied natural gas (LNG).In the year since Russia's February 2022 invasion of Ukraine, the EU has placed sanctions on seaborne oil and coal imports from Russia.It has drastically cut reliance on Russian pipeline gas, despite not imposing sanctions on the fuel. But at the same time, EU countries have increased their overall purchases of Russian LNG…

21 Nov 2022

Delfin Gets More Time to Build U.S. Gulf of Mexico LNG Export Plant

Credit: Delfin (file image)

U.S. energy regulators on Friday extended until September 2023 the amount of time liquefied natural gas (LNG) developer Delfin LNG has to put the onshore part of its proposed Gulf of Mexico floating export project off Louisiana into service. The U.S. Federal Energy Regulatory Commission (FERC) said in its order that Delfin sought the extension in July. Delfin is one of several North American LNG export developers that delayed construction in recent years in part because coronavirus…

17 Nov 2022

Nigeria to Build its First FLNG Unit

UTM Offshore Signs Front-End Engineering Design (FEED) Contract for Floating Liquefied Natural Gas (FLNG) Facility in Nigeria. Image Source: UTM Offshore

Nigerian company UTM Offshore has signed a front-end engineering design (FEED) contract for the development of an FLNG facility in Nigeria with JGC Corporation, Technip Energies, and KBR.This will be Nigeria's first floating liquefied natural gas (FLNG) facility. Africa currently has two FLNG units in operation, the Hili Episeyo in Cameroon, and, as of recently, the Coral Sul FLNG in Mozambique. In Nigeria, the FLNG unit will be used for development of offshore block OML  204.According to Chief Timipre Sylva…

06 Sep 2022

Svanehøj Develops New Fuel Pump for LNG-powered Ships

(Image: Svanehøj)

With the launch of a completely new pump design for liquefied natural gas (LNG), Svanehøj claims to be the first supplier on the marine market to offer both deepwell pumps and submerged pumps for electric fuel systems.The demand for LNG is increasing, and LNG-powered ships are being ordered like never before. Svanehøj is now building on the growth of recent years within liquefied gas solutions with an investment in a new electric submerged pump design for LNG-powered ships. The…

10 Aug 2022

LNG Traders Absorb Huge Losses After Supply Outages

Major energy traders are taking hundreds of millions of dollars in losses as they scramble to plug a liquefied natural gas (LNG) supply gap after several outages hampered efforts to fill European storage ahead of the winter heating season.Unplanned disruptions at LNG plants in the United States, Nigeria and Australia have wrong-footed traders, including BP and Shell, forcing them to pay inflated costs for alternative supplies.In a market already struggling to meet global demand for natural gas after Russia sharply reduced pipeline supplies into Europe, the lost LNG cargoes which can be transported by ship, have pushed global prices sharply…

05 Aug 2022

Eni Buys Exmar's Tango FLNG for Use in the Congo

(Photo: Exmar)

Italian oil major Eni announced it has signed a deal to to buy the Tango FLNG floating liquefaction plant from Belgium-based Exmar for use in the Republic of Congo. Under the agreement, Eni will acquire Exmar's company Export LNG Ltd, which owns the Tango FLNG.Tango FLNG, delivered in 2017, has a storage capacity of 16,100 cubic meters of liquefied natural gas (LNG) and a liquefaction capacity of up to 0.6 million tons per year.The value of the transaction is in a range of $572 and $694 million, depending on the unit's performance during the first six months on site, Exmar said.

22 Jul 2022

Delfin Seeks More Time to Build US Gulf of Mexico LNG Export Plant

Credit: Delfin LNG

U.S. liquefied natural gas (LNG) developer Delfin LNG has asked federal regulators to extend the amount of time it has to put the onshore part of its proposed Gulf of Mexico floating LNG export project off Louisiana into service until September 2023.The U.S. Federal Energy Regulatory Commission (FERC) said on Thursday that Delfin sought the extension on July 15.Delfin is one of several North American LNG export projects that delayed decisions to start construction in recent years…

08 Jul 2022

Strong LNG Demand to Keep Freight Rates Firm in 2022, Beyond

© NPershaj / Adobe Stock

Tanker rates to ship liquefied natural gas (LNG) are expected to remain firm as market players try to secure cargoes for winter demand amid soaring LNG prices and tight global supply, industry sources said on Friday.The global LNG market has recently tightened further after the war in Ukraine and a major outage at major U.S. facility Freeport LNG curtailed U.S. LNG supply, pushing players to secure vessels for longer terms that extend at times to a year.Spot tanker rates across the Pacific hit a record high at $335…

01 Jul 2022

Russia's Control of Sakhalin Project Could Pose Upside Risk to LNG Prices

File Photo: Sakhalin Energy

Russia announced on Friday a decree that seizes full control of the Sakhalin-2 gas and oil project in the country's far east, a move that could force out Shell and Japanese investors and adds another bullish factor to prices in a tight global LNG market.The order, signed on Thursday, creates a new firm to take over all rights and obligations of Sakhalin Energy Investment Co, in which Shell SHEL.L and two Japanese trading companies Mitsui and Mitsubishi hold just under 50%. Japanese…

29 Jun 2022

Shell Says Prelude LNG Shipments Disrupted Until at Least Mid-July

Shell Plc said on Wednesday liquefied natural gas (LNG) shipments from its Prelude floating facility off northwest Australia would be disrupted for at least two weeks due to work bans by unions fighting for better pay.Loading disruption at the 3.6-million-tonnes-a-year facility adds to tightness in a global LNG market just as Europe scrambles to secure cargoes to make up for lost Russian gas supply. One of the largest U.S. LNG plants, Freeport LNG is also undergoing an extended outage."We have issued a notice to customers that cargoes will be impacted until at least mid-July due to the industrial action," a Shell spokesperson said in an emailed comment.The last cargo left Prelude on June 26 on the ship Oceanic Breeze…

22 Jun 2022

Ineos Inks 20-year LNG Deal with Sempra Infrastructure

© Carabay / Adobe Stock

Britain's INEOS Energy, part of INEOS Group, has signed an agreement with U.S. firm Sempra Infrastructure for the supply of 1.4 million tonnes per annum of liquefied natural gas (LNG) from North America for 20 years, it said on Wednesday.It marks INEOS's entry into the global LNG market, with the volumes intended both for trading and supplying of INEOS' own industrial needs in Europe.The LNG will be delivered free-on-board, from either the proposed Port Arthur LNG Phase 1 project or the Cameron LNG Phase 2 projects in the U.S.

02 Jun 2022

ADNOC L&S to Buy Three New 175,000m3 LNG Carriers

Credit: ADNOC

ADNOC Logistics & Services, UAE-based oil firm ADNOC's shipping and maritime logistics arm, said Thursday it would order three new liquefied natural gas (LNG) carriers. "ADNOC L&S is the region’s largest shipping and integrated logistics company and the state-of-the-art new-build vessels will bolster the company’s capacity as it responds to the growing global demand for LNG," ADNOC L&S said.The new-build LNG vessels, each with a capacity of 175,000m3, are significantly larger than the current ADNOC L&S fleet which have a capacity of 137,000m3 each.

Subscribe for
Maritime Reporter E-News

Maritime Reporter E-News is the maritime industry's largest circulation and most authoritative ENews Service, delivered to your Email five times per week