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 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
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.
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
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
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
Hamworthy Oil & Gas Systems win contract for LNG regasification technology for a third Höegh LNG Floating Storage and Regasification Unit (FSRU) Working together with Sinopacific Offshore and Engineering (SOE) Wärtsilä Hamworthy will design and supply the system concept whilst the key equipment and fabrication will be supplied by SOE. The floating regasification market is experiencing significant uptake and Höegh have projected annual growth in the LNG market of
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
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
ABS, a provider of classification services to the maritime and offshore industries, has been chosen to class a new design of medium-sized LNG carrier to be built in China for Landmark Capital. The 45,000 cbm vessel, featuring self-supporting IMO Type-A tanks mounted within an insulated hold space, will be built in China, with an option for another vessel. Last year, ABS completed an Approval in Principle for the 'LNT A-BOX' gas containment system and will review the vessel design
Höegh LNG Holdings Ltd. has sold the LNG carrier LNG Libra (built 1979) to a Chinese energy company for around USD 20 million. The Company has received 15% of the purchase price and will receive the remaining 85% by the end of the first quarter 2016
Keppel Shipyard has signed its third contract with Golar Gandria for vessel conversion works. The $684 million contract to convert a liquefied natural gas (LNG) carrier to a floating liquefaction facility (FLNG) with the subsidiary of United Kingdom-based Golar LNG will become
Liquefied Natural Gas Ltd informed that its 100% owned project company, Magnolia LNG, LLC signed a legally binding agreement with Meridian LNG Holdings Corp for firm capacity rights for up to 2 million tonnes per annum (mtpa) at Magnolia LNG
Nigeria Liquefied Natural Gas Company (NLNG) expects to take delivery of four LNG carrier ships before year-end and another two next year, its chief executive said, positioning the state-backed gas exporter to expand its share of the growing market.
Hoegh LNG (HLNG) has successfully completed the issuance of a USD 130 million senior unsecured bond in the Nordic bond market with maturity date expected to be 5 June 2020. The bond issue will be swapped from floating to fixed interest rate.
Kongsberg Maritime secures position in the LNG market with electrical and automation contract for Golar Hilli FLNG Keppel Shipyard in Singapore and Black & Veatch in the U.S. have awarded Kongsberg Maritime an order for the delivery of an electrical package and safety and automation
The expected boom in liquefied natural gas exports from the United States risks being hampered by a lack of vessels to handle the trade, the head of the U.S. coast guard told shipping industry executives on Tuesday. The LNG tanker market
Stolt-Nielsen Limited and Golar LNG Limited have formed a 50/50 joint venture to pursue opportunities in small-scale LNG production and distribution, the companies announced today. Stolt-Nielsen Limited has invested in Golar LNG through open-market purchases
Chief Executive with Rosneft, the world's top listed oil company by output, Igor Sechin, said on Friday that the acquisition of BG Group by Royal Dutch Shell showed that Britain's liquefied natural gas (LNG) market was strong. Shell plans to buy its British rival BG for $70 billion
As industry embraces gas, emissions regulations loom large and bunker logistics options develop, LNG’s fortunes nevertheless get a boost. For every gleeful consumer at the pump, and stockpiling tanker anchored offshore, there’s a corresponding trail of businesses that are
Nicolas Saverys-led Exmar has agreed to integrate its LNG assets and infrastructure with those of John Fredriksen’s Geveran and Flex LNG under a new USD 2.3 billion company – Exmar LNG Ltd. Belgian liquefied natural gas (LNG) carrier owner and operator Exmar and Geveran
Natural gas supply and trading company Litgas, part of Lithuania's state owned energy holding Lietuvos Energija, and Statoil, leading global energy company in oil and gas production, signed a memorandum of understanding (MoU) on July 2nd in Vilnius
At a Meeting between Alexey Miller, Chairman of the Gazprom Management Committee and Han Fennema, CEO and Chairman of the Executive Board of Gasunie a Framework Agreement on cooperation in the area of small scale LNG was signed by the two parties
Indian Oil Corp (IOC) has awarded a contract to build two football stadium-sized liquefied natural gas (LNG) storage tanks at its upcoming Ennore LNG import terminal in Tamil Nadu to Mitsubishi Heavy Industries Pvt Ltd (MHI) of Japan.
The Egyptian Natural Gas Holding Company (EGAS) signed an initial agreement with Russian company Rosneft to supply oil products and liquefied natural gas (LNG) shipments. The document defines key terms of the future cooperation between the companies in the area of LNG supplies.