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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

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

Wärtsilä Hamworthy Wins Another Höegh FSRU Contract

FSRU Construction: Photo credit Wärtsilä Hamworthy

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

GDF SUEZ Gas: Non-Binding LNG Supply Offering


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

ABS to Class 45,000 cbm LNG Carrier

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

Becker Marine, Kotug Sign MOU for LNG Hybrid Barge

From left to right: Ard-Jan Kooren (KOTUG), Dirk Lehmann (Becker Marine Systems) and Arjan Stavast (Shell Downstream LNG)

Press release - Becker Marine Systems and KOTUG signed a Memorandum of Understanding to launch a LNG Hybrid Barge in the Port of Rotterdam with effect from June 2017. The LNG Hybrid Barge, a floating energy plant, is designed to provide environmentally friendly power for ships in ports

Qatar – World's Biggest LNG Exporter

Photo:  Qatargas Operating Company Limited

 Qatar has retained the crown of the biggest exporters of natural gas and the biggest exporter of liquid gas or LNG in the world, reports The Peninsula.   The country exported nearly 77 million tonnes (MT) of Liquefied Natural Gas (LNG) in 2014 which was approximately one-third of

EC Approves Aid for Finland's First LNG Terminal

Pori LNG terminal Photo: Gasum Oy

 The European Commission has approved under EU state aid rules Finland's plans to grant €23 million to construct a small scale LNG terminal at Pori on Finland's west coast.   The European Commission has concluded that Finland's plans to grant €23 million of public funding for

Cheniere to Ship LNG Cargoes to France

Sabine Pass LNG Terminal. Pic: Cheniere Energy

 Cheniere Energy agrees to send 24 cargoes of liquefied natural gas (LNG), or 89T BTUs, from its Sabine Pass Terminal in Louisiana in 2017 and 2018 to French state-controlled power utility  Electricite de France (EDF), its second deal in two months to ship the fuel to France after EDF

FLNG Birth of a Market

Easy cool Modec’s liquefaction concept is based on efficient “air-conditioning” Courtesy Modec

FLNG deal-making has been sporadic since Woodside Petroleum at the end of 2013 delayed a final investment decision for the giant Browse FLNG project off Northwest Australia.   The previous year had seen go-aheads for most of the floating liquefied natural gas projects (FLNG) underway today

Crowley Offers LNG Training at JaxPort

Crowley Partners with GTI Collaborative for LNG Training at JaxPort

Crowley Maritime Corporation recently participated as one of several Gas Technology Institute (GTI) funding collaborators to bring liquefied natural gas (LNG) awareness training to 150 stakeholders and first responders in Jacksonville. GTI

ISS Wins Cheniere Energy Contract

Inchcape Shipping Services (ISS) announced it has won a new hub agency contract for the Asia-Pacific with LNG energy giant, Cheniere Energy.  Under the two-year contract, ISS will manage approximately 100 port calls annually for Cheniere Energy across the Asia-Pacific

Iran to Exporting LNG via Terminals in Spain

Image: Adriatic Liquefied Natural Gas (LNG) Terminal, Algeciras. Credit: Arup

 Iran has received a proposal from Spain to use its terminals to export Liquefied natural gas (LNG) to Europe, reports Press TV   The proposal was discussed during the meeting of Iran’s Oil Minister Bijan Zangeneh with the visiting Spanish Minister of Industry

TEN Charters Tanker at 20% Premium

Tsakos Energy Navigation Limited announces two-year charter renewal at a 20 percent premium to prior contract reflecting strong tanker market fundamental, oil price levels positive for tanker markets   Greece-based crude, product and LNG tanker operator Tsakos Energy Navigation Limited

Rosneft, EGAS Ink LNG Supply Deal

HO of  Egyptian Natural Gas Holding Company

  Rosneft Trading SA, a company of Rosneft Group, and the Egyptian Natural Gas Holding Company (EGAS) signed a Master LNG Supply and Purchase Agreement. The document was signed by the Chairman of Rosneft Management Board Igor Sechin and the Chairman of EGAS Eng

Qatar Onslaught of LNG Supply to Shake-up the Market

Photo: Qatargas Operating Company Limited

 Gas giant  Qatar is the world’s top supplier of liquefied natural gas (LNG), but in the coming five years it could be surpassed by Australia, a shift which could weigh on its dominance in Asia, reports Reuters.   Asia accounts for almost three quarters of the global market

IBIA Forum to Examine Bunkering with New Fuels

The International Bunker Industry Association (IBIA) will be holding a forum entitled: ‘Bunkering with new fuels – Building on strong foundations’ as part of London International Shipping Week, on Wednesday 9 September.

Challenging Times Ahead for LNG Shipping

Global LNG Trade and Drewry LNG Liquidity Ratio per quarter (2013-2015YTD). Source: Drewry Maritime Research

LNG carrier freight rates have come under severe pressure due to rising fleet supply and stabilizing LNG demand, as Japan prepares to restart its nuclear power plants. Despite the general market belief that new LNG supply from Australian projects will provide ample employment to the growing fleet

LNG Owners Pool Fleets to Cut Costs

Photo: Dynagas

Three of the top liquefied natural gas (LNG) tanker owners have decided to market 14 vessels jointly on a spot charter basis, part of a new pooling arrangement that is aimed at cutting operating costs in a depressed market. The pool, consisting of eight modern vessels from Norwegian shipper

Dynagas, GasLog, Golar LNG Team up to Operate LNG Carrier Pool


  Dynagas Ltd., GasLog Ltd. and Golar LNG Ltd today jointly announced having entered into an LNG carrier pooling agreement to market their vessels, which are currently operating in the LNG shipping spot market. The LNG Carrier Pool allows the participating owners to optimise the operation

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