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LNG Shipping Rates to Remain Under Pressure in 2016

LNG shipping earnings will remain under pressure in 2016 as accelerating fleet growth and changing trade patterns will weaken supply-demand conditions, according to the latest edition of the LNG Forecaster report published by global shipping consultancy Drewry. LNG vessel fleet growth is forecast to double this year to 12 percent, compared to 6 percent in 2015. Meanwhile, as new sources of LNG supply kick in from projects coming online in Australia, demand for spot cargoes from the Middle East are expected to weaken which will adversely affect overall tonne mile demand for LNG shipping. The final quarter of 2015 was disappointing for LNG shipowners, despite a seasonal uplift in demand for winter fuels. Drewry estimates that average spot rates in the quarter were $30,000 per day for East of Suez shipments, which was unchanged from the third quarter and 57 percent down on the previous year. The pressure on rates was principally due to oversupply of vessel capacity, as LNG trade actually grew over this period thanks to new LNG plants coming online. Drewry estimates that total fourth quarter trade totalled 61 million tonnes, up 6 percent quarter-on-quarter, and accounted for 88 percent of global liquefaction capacity.   Spot vessel availability remained high throughout the quarter which kept rates from rising. Drewry’s research indicates that there was an excess supply of 38 vessels in the final quarter, three vessels higher than in the third quarter


Braemar Engineering Announce One Stop Shop for LNG Fueliing

Geoff Green

Braemar Engineering, the marine engineering consultancy arm within the Braemar Shipping Services Group, has launched a new venture which recognizes the growing importance of LNG as a global maritime fuel source.   It will be taking its experience and skills in dynamic positioning (DP), LNG in the marine environment, and LNG supply, and applying them to a new operation that will advise on every aspect of the use of LNG as a fuel source in the offshore sector.


Conrad Shipyard Bags LNG Order

Image: Conrad Shipyard

 Energy infrastructure and LNG solutions provider WesPac Midstream and its subsidiary Clean Marine Energy (CME) have awarded a contract to Conrad Orange Shipyard for the construction of a dedicated LNG bunker barge for the marine market in North America.   The bunker barge, which is scheduled to be delivered in early 2016, will service ship owner Totem Ocean’s Orca Class roro vessel in Tacoma, Washington


BG Group's Australian Project Helping to Double LNG Supplies

A smooth start to operations at BG Group's Australian project in Queensland is expected to help the British company to roughly double its liquefied natural gas (LNG) supplies in 2015/16, it said on Wednesday. Seven cargoes have been shipped since December from the Queensland Curtis LNG facility, said Steve Hill, BG Group's head of global energy marketing and shipping. The plant is expected to stop operations for about a week of maintenance in the near term before ramping up to full


GAIL to Finalize LNG Deal with Iran

Photo by  Iran Liquefed Natural Gas co

India’s state-run gas utility GAIL has begun talks with Iran to revive a decade-old LNG supply contract with the country, reports PTI.   The Business Standard has reported that GAIL has opened talks with Iran over the LNG contract whose value is estimated to be $22 billion in light of the prospects for the removal of sanctions against Iran.   "Dialogue has been initiated with Iranian counterparts to revive the LNG supply long-term SPA


Chevron and ENN Sign Gorgon LNG Agreement

The Asia Vision is one of Chevrons new liquefied natural gas (LNG) carriers constructed to support the companys growing LNG operations. (Photo: Business Wire)

Agreement to supply 0.5 million metric tons annually for 10 years from the Gorgon Project   Chevron Corporation announced that its Australian subsidiaries have signed a non-binding Heads of Agreement (HoA) with ENN LNG Trading Company Limited (ENN) for the delivery of liquefied natural gas (LNG) to China from the Chevron-operated Gorgon natural gas project in Australia. When the deal is finalized, ENN is expected to receive up to 0


Petronet LNG Eyes Supplier

Petronet LNG Ltd. is in talks to buy Liquefied Natural Gas (LNG) from Chevron's Gorgon project in Australia. The Indian firm wants to import 2.5 million tonnes a year of LNG from Gorgon from 2010 using a new terminal being built at the southern city of Kochi. Petronet built India's first LNG terminal at Dahej, on the western coast, two years ago to import super-cooled gas from Qatar. If LNG supplies from Gorgon were delayed, Petronet would divert gas from its terminal at Dahej


Kuwait in Talks on Russian LNG Imports

LNG carrier credit Gazprom

Gazprom informs it has hosted a working meeting between Alexey Miller, Chairman of the Company's Management Committee and Abdulaziz Al-Adwani, Ambassador Extraordinary and Plenipotentiary of the State of Kuwait to the Russian Federation to discuss prospects for bilateral cooperation in the oil and gas sector. In particular, the principals addressed the idea of broadening their co-operation on Gazprom's LNG supplies to Kuwait


Excelerate Energy makes Pakistan's first STS LNG transfer

Excelerate STS LNG

  On July 17, 2015, Excelerate Energy L.P. completed the first Ship-to-Ship (STS) transfer of LNG at the Engro Elengy LNG Terminal located in Port Qasim, Pakistan. Excelerate’s floating storage and regasification unit (FSRU), EXQUISITE, received 130,000 cubic meters of LNG from the FSRU EXCELERATE using the double-banked LNG transfer system. This transfer also marks the company’s 500th commercial STS operation using the double-banked cryogenic transfer system technology


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. Khaled Abdelbadie during the visit of the President of the Arab Republic of Egypt Hussein Abdel Fattah Saeed Khalil al-Sisi to Russia. In accordance with this document


Total Signs Deal to Supply LNG to China's ENN

Image: ENN Energy

 Total SA has signed an agreement to supply liquefied natural gas to ENN Energy in China, according to a news release on the French energy company's website.   The deal is for 0.5 million metric tons of LNG per year for a period of 10 years and will be delivered from the company's


Norway will be Lithuania's 2016 Top Gas Supplier

File Image: a modern LNG carrier (credit: DNV GL)

Lithuania will import more gas from Norway than from former sole supplier Russia in 2016 after developing infrastructure to support liquefied natural gas (LNG) imports, the country's energy minister said on Monday. Russia's Gazprom had enjoyed a supply monopoly until the end of 2014


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


Parker Bestobell to Supply Valves for FSRU Newbuilds

Image: Parker Bestobell

Parker Bestobell Marine has recently completed a contract to supply cryogenic Globe and Check valves made in Sheffield, for Hoegh LNG’s series of five FSRUs (Floating Storage Regasification Units) that are being built at Hyundai shipyard (HHI) in South Korea.   


Shell, Gunvor to Supply 120 LNG Cargoes to Pakistan

Oil major Shell and trading house Gunvor will supply Pakistan with 120 liquefied natural gas (LNG) cargoes between 2016 and 2020 after both companies submitted the lowest offers in two highly sought after tenders, trade sources said. Pakistan State Oil company on Nov


Crowley Selects Fuel Supplier for LNG Containerships

Image: Crowley

Crowley Puerto Rico Services, Inc. has selected Eagle LNG Partners as the liquefied natural gas (LNG)-supplier for the company’s new LNG-powered, Commitment Class ships, which will be delivered in 2017 for use in the U.S. mainland to Puerto Rico trade


Chevron, China Huadian Sign LNG Supply Deal

The Asia Energy is one of Chevrons new liquefied natural gas (LNG) carriers constructed to support the companys growing LNG operations. (Photo Business Wire

  Chevron Corporation's wholly-owned subsidiary, Chevron U.S.A. Inc., has today signed a non-binding liquefied natural gas (LNG) supply Heads of Agreement (HOA) with China Huadian Green Energy Co., Ltd. When the agreement is finalized, China Huadian Green Energy is expected to receive up to


GLOBAL LNG: Prices Steady in Subdued Market

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.


Sinopec Demurrage Mounts on LNG Delivery Delay

Sinopec's LNG tanker floats off Gladstone for more than 2 weeks; demurrage costs climb to more than $500,000.   The Australia Pacific LNG (APLNG) project has delayed its first commercial cargo, racking up costs for China's Sinopec Corp which has had a tanker waiting to load for more than


Parker Bestobell to Supply Valves for Canadian Tankers

Photo courtesy of Parker Bestobell Marine

Parker Bestobell Marine has received its first order to supply its cryogenic fuel gas valves for new build tankers. The two 15,000-dwt ice-class 1A asphalt and bitumen tankers have been ordered by Groupe Desgagnés of Canada and will be built at Besiktas shipyard in Turkey.


LNG Could Follow Crude Oil's Lead: Russell

In contrast to the carnage in crude oil markets, liquefied natural gas (LNG) prices in Asia have enjoyed relative stability for the past three months, but it's unlikely the calm will persist much longer. Spot Asian LNG prices <LNG-AS> ended last week at $5


Chevron Mulls LNG Supplies to China

Image: Chevron Australia

 Energy giant Chevron has signed a preliminary agreement with China's ENN LNG Trading company to supply liquefied natural gas (LNG) from its $54 billion Gorgon LNG project in Western Australia.   Chevron plans to supply a unit of ENN Energy Holdings Ltd


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


Keppel, BG Group JV to supply LNG Bunkers in Singapore

BG Group and Keppel to fuel ships with LNG in Singapore Photo BG Group

First delivery of LNG bunker expected to commence in 2017 Keppel Offshore & Marine Ltd (Keppel O&M), through its wholly-owned subsidiary KS Investments Pte Ltd (KSI), and BG Group plc (BG Group) have been selected to supply Liquefied Natural Gas (LNG) bunker to vessels in the Port of


Total, ENN Ink 10-year LNG Supply Pact

European oil major Total has agreed to supply 500,000 tonnes a year of liquefied natural gas (LNG) for 10 years to China's privately-run ENN Group, Total said on Thursday. The supplies of the super-chilled natural gas will start in 2018 upon completion of ENN's planned receiving facility near






 
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