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Lng Price

BP, Pavilion Ink Long-Term LNG Deals

Pavilion to buy 0.4 mln tpy LNG from BP for 20 years. Aims to become a global LNG firm in medium to long term. Working with SGX, regional govts on LNG price marker. Singapore's Pavilion Energy said it had signed two long-term contracts to buy liquefied natural gas (LNG) for trading and supply to Asia, adding to a previous contract as the state-owned firm seeks to become a global supplier. Pavilion Energy said in a statement on Wednesday its wholly owned subsidiary Pavilion Gas Pte Ltd had struck a deal with BP under which the British company will supply it with 0.4 million tonnes per year (tpy) of LNG for 20 years from 2019. It did not say how much Pavilion would pay for the LNG. Pavilion has also purchased 0.4 million tpy of LNG from Sempra Energy's Cameron LNG project in Louisiana, which will be delivered to Asia according to its production schedule, a company spokeswoman said in an email. The U.S. Energy Department on Sept. 10 gave Sempra the green light to export LNG from the project. Singapore aims to position itself as an LNG trading hub for Asia, with links to producers such as Indonesia, Malaysia and Australia and countries with growing demand such as China, India and Thailand. Temasek Holdings, Singapore's sovereign wealth fund, created Pavilion last year, providing it with a $6.9 billion war chest. Pavilion has already used the funds to buy a stake in a gas field in Tanzania and start an LNG shipping joint venture.


Awilco LNG Reports Loss

Photo: Awilco LNG

 Oslo-based LNG shipping company, Awilco LNG, reported a first quarter freight income of US$8.9 million, down from $12.1 million in the same quarter the previous year.    The pure play LNG transportation provider  said that an oversupply of shipping in the carrier market, limited growth in trade and a reduced ton-mile ratio have combined to keep the LNG spot market at “unsustainable levels” for more than one year


Korea Gas to Offer 20 to 40 LNG Cargoes

Kogas looking to offload up to 40 LNG cargoes; seeking to turn down output in Q3, arrange time-swaps. Fuel oversupply pushing down spot prices. Korea Gas Corp. is looking to sell 20 to 40 cargoes of liquefied natural gas (LNG) this summer after misjudging the scale of its demand and committing to buy excessive supply, traders said. State-run Kogas, faced with an over-supply it is unable to absorb, is seeking to offload cargoes through a combination of time-swap deals and reducing offtake


Wikborg Rein & Co: Oil Prices Won't Impact Dual-Fuel LNG Carriers

   Joe McGladdery (Photo courtesy of Wikborg Rein & Co)

Joe McGladdery, a partner with the London law offices of Wikborg Rein & Co, says that, while falling oil prices have exerted pressure on the LNG charter markets, the new generation of low-speed, dual-fuel LNG carriers now in service and on order remain an attractive option for owners and operators. “As a result of the oil price collapse, energy companies are reducing capital budgets to protect against falling revenues


Statoil's LNG Price for Lithuania to Fall by a Third

Photo: Klaipeda LNG Terminal

 Liquefied natural gas (LNG) price from Norwegian company Statoil ASA for Lithuania is set to fall by more than one-third and the Klaipeda LNG terminal's maintenance costs are to decline by around 23% after Lithuania's gas trade company Litgas completed talks with the Norwegian supplier on a revision of their long-term gas purchase contract, reports LETA/BNS.   According to Dalius Misiunas, CEO of the state energy group Lietuvos Energija (Lithuanian Energy)


India to Import LNG from Australia

Piyush Goyal. Photo: Official Facebook Page of Piyush Goyal

 India may contract long-term supplies of liquefied natural gas (LNG) from Australia if price is comparable to Indian coal which remains the fuel of choice for power generation companies in New Delhi.    Power Minister Piyush Goyal, who is currently on a visit to Australia for energy dialogue, conveyed India’s willingness to buy Australian LNG during a roundtable in Brisbane.   Goyal stated that additionally


BG Group wins EXXON LNG Cargo

ExxonMobil's Papua New Guinea liquefied natural gas (LNG) export project has awarded a November cargo to BG Group as part of a two-cargo tender that closed this week, two traders said. The tender award has not been officially announced yet, and it remains unclear which company won the second cargo, if any. Demand for LNG has weakened considerably in recent weeks as a short-lived rebound in the price of spot supply lost momentum


LNG Shipping Rates Nosedive

LNG Ship (Source: Shell)

 With LNG prices down as slowing demand combines with rising output, the cost to ship super-chilled natural gas has also tumbled to the lowest level in more than four years and is forecast to fall further, reports Bloomberg    According to Andrew Buckland, a London-based analyst at Wood Mackenzie Ltd rates to transport liquefied natural gas have declined to about $50,000 per day and will probably go lower before recovering. In 2012 it was more than $140,000 a day.  


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 a new agreement with South Korean utility company Kogas to explore mutual opportunities across the LNG value chain.  


US LNG Shipments Point to Global Gas Price Convergence

Image by East-West Center

 The emergence of US liquefied natural gas as a competitive alternative for European and Asian customers, combined with an oversupplied market, should drive more convergence between natural gas prices at major hubs and weaken the link between gas and oil prices, Fitch Ratings says.   The first shipment of US liquefied natural gas (LNG) from Cheniere Energy's Sabine Pass facility to Europe arrived in Portugal at the end of April.   


Argentina Reworks LNG Import Deals

Argentina is diverting or cancelling incoming shipments of liquefied natural gas (LNG) after mild late winter temperatures curbed fuel demand and forced state-run buyer Enarsa to rework some deals.   South America's biggest LNG importer launched back-to-back tenders in June and July after a


As Local Demand Slows, Argentina Reworks LNG Import Deals

File image (DNV-GL)

Argentina is diverting or cancelling incoming shipments of liquefied natural gas (LNG) after mild late winter temperatures curbed fuel demand and forced state-run buyer Enarsa to rework some deals. South America's biggest LNG importer had launched back-to-back tenders in June and July after a


VSAT Upgrade for MOL LNG Fleet

NSSLGlobal announced it has secured a deal with Mitsui O.S.K. Lines, Ltd. (MOL) subsidiary MOL LNG Transport (Europe) Ltd. to replace the VSAT systems on board MOL LNG’s fleet of 15 liquefied natural gas (LNG) carriers.   According to NSSLGlobal


Coal's Cost Advantage over LNG Slipping

file image: a ttypical bulk carrier at sea (Credit: BSM)

Thermal coal has been one of the commodity success stories this year, but there is a risk that it becomes a victim of its own success by eating into its advantage over liquefied natural gas (LNG) in generating electricity. The benchmark Australian thermal coal price, the Newcastle Index


Onshore Shale: Worth Keeping In The Shipping Spotlight

Graph: Clarksons Research

 Generally, shipping industry watchers spend much of their time monitoring events out to sea: how fleets are evolving, trade volumes growing and freight rates performing.    But occasionally it can be worth pointing the telescope in the other direction


India Teams up with Japan, South Korea on LNG

Dharmendra Pradhan. Photo: Ministry of Petroleum and Natural Gas

 India plans to form an alliance with Japan and South Korea to buy liquefied natural gas (LNG) at "reasonable prices", the country's oil minister Dharmendra Pradhan said.   India may soon rope China into the alliance as well, he said.  


Golar, Stonepeak Launch Launch FSRU Joint Venture

Golar LNG Limited announced that it has entered into a 50/50 joint venture with investment vehicles affiliated with private equity firm Stonepeak Infrastructure Partners. The joint venture company, Golar Power Ltd, will offer integrated LNG based downstream solutions


Big Names Unite to Push LNG as a Marine Fuel

Picture of the SeaLNG group Photo SeaLNG

Carnival Corporation & plc, DNV GL, ENGIE, ENN, GE, GTT, Lloyd’s Register, Mitsubishi Corporation, NYK Line, Port of Rotterdam, Qatargas, Shell, TOTE Inc. and Wärtsilä are among firms that are part of a new cross-industry initiative called SEA\LNG


Japan Regulator Investigating LNG Shipping Restrictions

File photo: MOL

Japan's anti-monopoly regulator is investigating whether clauses in liquefied natural gas (LNG) contracts preventing buyers from selling the fuel to third parties hurts competition, Bloomberg News reported on Thursday, citing unidentified sources.  


LNG: Did the Greeks Get it Wrong?

Graph: Alibra

 In December 2013, Alibra’s market report front page read: “When in shipping, do as the Greeks do.” At that time, Alibra was referring to the fact that 31% of the LNG carrier orderbook had been ordered by Greek owners.  


GAIL, Gazprom Renegotiating LNG Deal

Photo: Gazprom

 As weak demand in India forces it to stall some contracted supply, GAIL India Ltd (GAIL) is in talks with Russia's Gazprom to delay and renegotiate a 20-year gas purchase deal undercut by low spot prices, reports Reuters.   GAIL  and Gazprom had earlier signed a deal for two


LNG-fueled Bulker Ordered from Korea

Hyundai Mipo Dockyard (HMD) has signed a contract to build a 50,000 dwt bulk carrier with ILSHIN LOGISTICS. The project is a collaboration between POSCO and ILSHIN LOGISTICS to develop the first in a new generation of ships for greener shipping.


Staying Afloat Down Under?

Graph: Clarksons Research

 In recent years, Australia has been a major growth area for offshore gas production and a key driver of offshore CAPEX, says Clarksons Research.   However, the prospects for Australian gas projects that have yet to be sanctioned are looking increasingly uncertain due to weaker LNG


India Eyes More LNG Purchases From Australia

Map: ProjectConnect

 India is trying to renegotiate LNG deal with Australia and looking at lowering the price of liquefied natural gas it plans to buy from the Gorgon project, says a report form PTI.   According to sources, when LNG deals are being done at 12 per cent or 12


LNG-Prices Slide, Middle East Boosts Imports

Photo: Cryptome

 The new new supply of liquefied natural gas (LNG) from Russia's Sakhalin plant and weakening demand from Egypt helped snap a months-long rally. Hence Asian spotLNG prices fell this week, reports Reuters.   Meanwhile, countries in the Middle East and North Africa led by Egypt






 
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