Asian liquefied natural gas (LNG) prices were steady this week amid limited trading activity. The price of Asian spot cargoes for February delivery was pegged at $6.90 per million British thermal units (mmBtu), in line with the previous week. Traders eyed developments in Nigeria where Eni has declared force majeure on loadings from the country's LNG export plant due to pipeline sabotage. All other suppliers continued to ship, although traders said the pace of loadings had slowed. "There's a slight backlog of vessels, they're not loading as quickly as they normally would," said a trader. "There's obviously not enough LNG to bring ships in quickly or as per scheduled." Nigeria LNG's export plant at Bonny Island can produce 22 million metric tonnes of liquefied gas a year and has long-term supply contracts with buyers in Italy, Spain, Turkey, Portugal and France. It also sells on the spot market. On the demand side, Egypt, one of this year's brightest spots for LNG imports, is facing difficulty meeting payments due to its foreign currency crisis. Sources said that Egypt has asked oil and LNG suppliers to extend payment terms to 90 days after delivery. Traders said that Italy's offshore terminal at Livorno, OLT Toscana, picked DufEnergy Trading to supply a cargo earlier this month following a recent tender to secure a delivery intended to cover occasional spikes in Italian gas demand.
Dr. Gerd-Michael Würsig, Business Director LNG fuelled ships at DNV GL – Maritime, looked at some of the current issues in the LNG industry and provided an overview of what DNV GL is doing to support growth in this segment. “The main drivers, in order of importance, are price, availability, and of course legislation. LNG as a fuel has the potential to become the most important fuel solution for environmentally sustainable shipping over the next few years
Bestobell Valves, part of the President Engineering Group (PEGL), has named W&O Supply, a global supplier of marine pipe, valves and fittings, valve automation, and engineered solutions to the marine and upstream oil and gas industries, as its exclusive distributor for Bestobell Valves in North America. Through this partnership, Bestobell Valves, headquartered in the United Kingdom, and W&O, headquartered in Jacksonville, Florida
The first cargo was sold to Angola's state oil & gas company and is currently being shipped to Brazil by the LNG carrier 'SS Sonangol Sambizanga', one of seven 160,000 m3 LNG vessels that are under long-term charter to the Angola LNG project. Angola LNG, the Soyo-based facility built to create value from Angola's offshore gas resources, confirms that production of liquefied natural gas (LNG) has safely commenced at the Angola LNG plant in Soyo and that its first cargo has
The role of Russia as a key global supplier of natural gas will be amplified at upcoming 'Russian Day' event. The Russian Energy Minister, Alexander Novak, confirms he will host a special ‘Russian Day’ at one of the world’s leading gas industry events in London this October. The role of Russia as a key global supplier of natural gas will be examined during the day-long session, which also welcomes Novak’s Deputy, Pavel Fedorov
Singapore Offers Funding to Build LNG Vessels Port of Singapore offers S$12 million funding for building of LNG-fuelled vessels as Singapore advances LNG bunkering efforts to meet future demand The Port of Singapore, regarded as a leading bunkering hub, is poised to expand its offering of marine fuel solutions to include LNG. In line with these efforts, the Maritime and Port Authority of Singapore (MPA) has taken another step toward the planned 2017 launch of
Despite some recent turbulence, the global business environment for liquefied natural gas (LNG) remains strong, and a continuous growth in demand is expected for years to come, said Khalid Sultan R Al Kuwari, Chief Marketing and Shipping Officer of RasGas Company Limited. Speaking at the CWC 16th World LNG Summit in Rome Al Kuwari said that a growth rate of approximately 5% per year from 2015 to 2025 is anticipated
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, including Shell’s Prelude FLNG — Woodside’s choice, it seems, of a liquefaction solution for fields 200 kilometers offshore
So what’s keeping ship operators awake at night these days? Plenty, it seems. Sluggish recovery from a lingering worldwide recession, unsustainable debt loads, endemic overcapacity in most shipping trades, punishing freight rates, rising costs of fuel and regulatory compliance and a lingering sense that ships are not running as efficiently as they could. The last two topics – reducing fuel costs while complying with emission regulations and improving ship operating
Freeport LNG Development, L.P. and Technip USA Corporation, a subsidiary of Technip have signed a contract for the Front End Engineering Design (FEED) leading to the finalization of the EPC (engineering, procurement and construction) contract for its LNG receiving terminal to be located on Quintana Island near Freeport, Texas. The FEED is expected to be completed by the end of December with the EPC phase of the project beginning in the first quarter of 2004.
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
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.
Excelerate Energy L.P. (“Excelerate”), Petrobangla, and the Government of Bangladesh executed the Terminal Use Agreement (“TUA”) and the Implementation Agreement (“IA”) for the construction and operation of Bangladesh’s first LNG import terminal –
Today, the Panama Canal marked another milestone with the transit of the first-ever liquefied natural gas (LNG) carrier through its expanded locks. Shell-chartered Maran Gas Apollonia—measuring 289 meters in length and 45 meters in beam—arrived Monday from the Sabine Pass LNG
In early June, after a traditional blessing ceremony held in Valparaiso, Chile where SAAM S.A. is based, the company officially puts two more new Robert Allan Ltd. designed RAstar 3200 class tugs Yunco and Huairavo tugs into operation. Representatives of local authorities, the Chilean Navy
GTT Training, a GTT subsidiary dedicated to training liquefied natural gas (LNG) professionals and to the development of associated simulation tools, has obtained two approvals for G-Sim training software from DNVGL in accordance with their standard for Maritime Simulator Systems.
Indian Oil Corporation (IOC), the country's largest oil company, is in talks to buy debt-laden Gujarat State Petroleum Corp’s (GSPC) stake in the under-construction Rs.4,500 crore ($669 million) Mundra LNG import terminal, according to PTI.
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.
Japanese shipping company Mitsui O.S.K. Lines, has, through its wholly-owned subsidiary Lakler S.A., agreed to conclude a charter contract with Gas Sayago, for a floating storage and regasification unit (FSRU) project in Montevideo, Uruguay.
Japan's first LNG-fueled ship, Sakigake, which is a tugboat owned by NYK has been recognized with a Technology Special Award at the 2015 Ship of the Year Awards sponsored by the Japan Society of Naval Architects and Ocean Engineers (JASNAOE)
The United States will ship its first liquefied natural gas (LNG) cargo through an expanded Panama Canal next week. The waterway shaves distances between export plants dotted along the Gulf of Mexico and Asia to 9,000 miles from 16,000, allowing U.S
French supplier of systems for marine transportation of liquified natural gas (LNG) Gaztransport & Technigaz (GTT) reported strong growth in its first half results on Thursday but cut its 2016 revenue outlook, blaming delays in the construction of some ships.
A group of South Korean companies including shipbuilders have come together to establish an association dedicated to developing liquefied natural gas (LNG) bunkering facilities and infrastructures including LNG-fueled vessels, says a report in the Pulse.
Wärtsilä and other leading marine industry players have formed a coalition, known as SEA/LNG, to accelerate the widespread adoption of liquefied natural gas (LNG) as a marine fuel. The coalition aims to help break down the barriers hindering the global development of
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.