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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


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.


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


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


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


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

20130619202646ENPRNPRN-GDF-SUEZ-LOGO-1y-1-1-1-1371673606MR.jpg

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


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


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


Rosneft: Shell-BG Deal Shows Strong British LNG Market

Igor Sechin (Photo: Rosneft)

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


Oil’s Downward Spiral Stalls LNG’s Ascent

Prelude_hull_with_tugs WEB.jpg

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


FLEX Acquires LNG Assets from EXMAR

Image: EXMAR LNG

 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


Litgas, Statoil JV to Develop Baltic Sea LNG

Photo: LITGAS

 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


Qatargas Sells First LNG Cargo to Pakistan

Port Qasim-LNG Delivery to Pakistan

  Qatargas sold its first cargo of liquefied natural gas (LNG) to Pakistan State Oil Company Limited (PSO).  The LNG cargo was sold on a free-on-board basis and loaded at Ras Laffan Port on to the LNG vessel Excelerate Exquiste on 21 March 2015.  


ExxonMobil President Seeks Swift Action on US LNG Exports

The United States is at risk of losing economic opportunity and the ability to solidify its role as a global leader in energy production unless the government moves to approve liquefied natural gas (LNG) exports, Rob Franklin, president of ExxonMobil Gas & Power Marketing Company, said today.


Floating LNG Regasification is Used in Smaller Markets

Source: EIA, based on World LNG Report, 2014 Edition and The LNG Industry annual reports, 2006-13

 According to the latest research from the US Energy Information Administration (EIA), floating LNG (FLNG) regasification is being used to meet rising natural gas demand in smaller markets.   Floating regasification is a flexible


Golar Mulls Third FLNG deal

GOLAR SPIRIT (BRAZIL): Golar LNG Limited

 Golar LNG has signed a binding Heads of Terms with Ophir Energy Plc for the provision of the GoFLNG vessel Gimi.   Golar has started discussions with partners Keppel and Black & Veatch aimed at exercising an option, under an existing framework agreement


US to Export LNG to China

Photo: Cheniere Energy, Inc

 Buyers from China are looking at long term liquefied natural gas (LNG) supplies from US firm Cheniere Energy, news agency Reuters quoted a company official as saying.   This would be the first LNG deal between the world's two biggest energy users


Hoegh LNG Bags FSRU Deal in Chile

Photo by Höegh LNG

 Oslo-based Höegh LNG said it has signed an Floating Storage and Regasification Unit (FSRU)contract with Chilean Octopus LNG for the Penco-Lirquén LNG import terminal to be located in Concepción Bay, Chile.   


Fluxys LNG Launches Zeebrugge Capacity Consultation

Belgian gas infrastructure operator Fluxys said on Thursday it was launching a market consultation to assess demand for additional capacity at the Zeebrugge liquefied natural gas terminal in Belgium.   "Fluxys LNG is considering to extend the Zeebrugge terminal as and when the market


Hoegh LNG's Bond Issue

Image: Höegh LNG Holdings Ltd

 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 Contracted to Support FLNG Conversion

CG drawing of the Golar Hilli after conversion (Image courtesy of Kongsberg Maritime)

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


USCG: US Faces Ship Shortage for Gas Exports

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, Golar LNG Form Joint Venture

Photo: Golar LNG

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






 
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