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Lng Trading

BG's Singapore Move Seen Cutting Big UK Tax Bill

BG Groups Methane Kari Elin delivers the first consignment of LNG to Singapores SLNG terminal. (Photo courtesy BG Group)

When BG Group Plc announced last week it was shifting the headquarters of its oil and liquefied natural gas (LNG) trading operation to Singapore from Britain, it said the aim was to get closer to its customers. Analysts and consultants agreed that the growing importance of Japanese and Korean utilities in the LNG market meant the move would have clear logistical and commercial benefits. But they also said another motivation was likely at play: tax. "Tax is always a factor," said Bob Piller, a Swiss-based energy trading consultant who previously worked for commodities giant Vitol. "Singapore has already attracted some people from Geneva," he added. While Britain's centre-right government is in the process of cutting its corporate income tax rate to 20 percent, from 28 percent in 2010, Singapore offers firms tax holidays in return for establishing operations there, corporate filings show. BG's tax savings could be significant because its trading operation is one of Britain's biggest taxpayers. In 2012, the last year for which the group's largest LNG trading subsidiary, BG Gas Marketing Limited, published accounts, it reported a tax charge of $384 million. That's more than was paid by eight of the 10 biggest publicly-traded companies in Britain, other than BG, which published their UK tax payments in their annual reports.


The Marine Industry and LNG

Moran LNG photos 044.jpg

Several years ago many people in the marine industry either did not know about LNG or did not think that it would amount to anything worth more than a passing interest. At that time there were just four LNG import terminals in the and even they were underutilized. Today there are eight LNG import terminals in operation with two more slated for their first “cool down” shipments this year or early next year


LNG Spot Prices Drop; Demand Dips from Brazil, Japan

By Oleg Vukmanovic and Jacob Gronholt-Pedersen,  Reuters Asian spot liquefied natural gas (LNG) fell this week as demand from Brazil's Petrobras slackened and top Japanese buyers switched to cheaper fuels and relied more on supplies under long-term deals. Prices for April delivery dropped to around $18.10 per million British thermal units (mmBtu) from $19.60 per mmBtu last week. Petrobras, a major Atlantic Basin LNG buyer in recent weeks


New LNG Carrier Bunkers in Russia

LNG carrier Pskov: Photo GM&T

Gazprom Marketing & Trading’s (GM&T) says that its newly delivered LNG carrier “Pskov” has received bunkers (Heavy Fuel Oil and Marine Gas Oil) at the port of Nakhodka in the Primorskiy Region of Russia. This marks the first time a GM&T time-chartered LNG vessel bunkered in a Russian port. Bunkers were provided by another Gazprom subsidiary – GazpromNeft Marine Bunker.


Jordan Cove Approved for LNG Export

Terminal in Coos Bay, Oregon authorized to export Liquefied Natural Gas to non-free trade agreement countries The U.S. Energy Department announced that it has conditionally authorized Jordan Cove Energy Project, L.P. (Jordan Cove) to export domestically produced liquefied natural gas (LNG) to countries that do not have a Free Trade Agreement (FTA) with the United States, from the Jordan Cove LNG Terminal in Coos Bay, Oregon


ABS Grants AIP for Small LNG Carrier Design

Photo: ABS

ABS granted engineering company GTT approval in principle (AIP) for a 32,000 m capacity LNG carrier design.   "While a few membrane LNG carriers in the 20,000 m capacity range were built in the 1990s, this is the first new design to be introduced since that time," said ABS Vice President, LNG, Patrick Janssens.   The reason for this innovation, Janssens says, is the development of new markets that have led to a keen interest in smaller LNG carrier designs.  


Connaughton Leads Delegation of U.S. Maritime Officials in Tokyo

Maritime Administrator Sean T. Connaughton

On July 24 and 25, Maritime Administrator Sean T. Connaughton led a delegation of U.S. maritime officials in meetings in Tokyo with Japanese counterparts to discuss issues of mutual interest and challenges facing the maritime industry, both around the world and in the bilateral trade.  The talks reflected the major concern of both countries about the impact on the shipping sector of the rapidly expanding consumption of liquefied natural gas (LNG) around the world


Golar LNG Signs Newbuilding Contract with DSME

The Board of Golar LNG Ltd. has confirmed that it has now signed a newbuilding contract with the Korean shipbuilder DSME for one 145,000 m3 LNG newbuilding for delivery in end of 2005 / alternatively beginning of 2006. Included in the contract is an option for up to two more newbuildings with delivery in 2006/2007 to be declared at a later stage. Chairman John Fredriksen says in a comment: "The strong market recovery in the drybulk


Crowley Video Explains LNG Benefits to Caribbean Industry

In this short video, Crowley's Greg Buffington, vice president of company subsidiary Carib Energy, explains the benefits of switching to reliable, safe, U.S.-exported LNG fuel for industrial and commercial consumers in the Caribbean. Those who can benefit from adopting this affordable and eco-friendly power source include resorts and hotels, manufacturing companies, bottling plants and other industrial and commercial organizations. The following questions are addressed on the video:


Terntank Orders 2 More LNG Fueled Tankers

Chartering Dept of Terntank

Terntank proclaims its options on two sister ships to the two LNG powered product tankers ordered in the autumn of 2013. The oil company NEOT also confirmed that they are taking in two of these on time charter. Terntank Rederi AS now has four LNG powered 15,000 dwt product tankers on order at the Chinese shipyard Avic Dingheng Shipbuilding Co., Ltd. The ships will be delivered at three-month intervals so that the first one will be delivered in the spring of 2016 and the fourth in the


Rotterdam Integrates Safety Research with LNG Training Facility

Arjen Littooij, general director Safety Region Rotterdam Area opened today the very first northwest European Falck-LNG-training facility for liquefied natural gas on the Rotterdam Maasvlakte.

  The Dutch company Falck Risc is becoming the number one expert on LNG safety in Europe. Together with the Unified Fire Department, Falck Risc will draw up guidelines and recommendations for emergency response services in dealing with Liquefied Natural Gas (LNG)


Antwerp Port Seeks Inputs on Setting-up LNG bunkering

Antwerp port

  By the beginning of 2016 the port of Antwerp will have an LNG bunkering and filling station for barges. The procedure for construction of the station is currently under way. In order to brief the future constructor as fully as possible about the facilities that the station must offer


Finland Grants Support to Three Small LNG Terminals

The Finnish government granted 65.2 million euros (84.22 million US dollar) in subsidies to build three small liquefied natural gas (LNG) terminals to cut on use of fuel oil and liquefied petroleum gas (LPG) in industry, the economy ministry said on Thursday.


Shell: Nigeria Oil Union Strike Not Affecting Exports

A strike by Nigeria's oil unions is not having any immediate impact on crude oil exports from Africa's top exporter, despite moving into a third day, spokesmen for leading operator Shell and Nigeria LNG said. Nigerian oil unions say the strike could affect exports if no agreement is reached


Seacure Higher Flow-Rate BWTS Certified by BSH

Ballast water discharge: File photo

Evoqua inform that the Federal Maritime and Hydrographic Agency of Germany (Bundesamt für Seeschifffahrt und Hydrographie- BSH), which previously granted the Evoqua SeaCURE Ballast Water Management (BWT) system type approval, has now certified the SeaCURE system to operate in volumes from


For Europe's LNG Ports, Russia Gas Fears and US Exporters Buoy Demand

Gas buyers nervous of Russia cutting supply are helping solve Europe's problem of too many underused liquefied natural gas (LNG) terminals, as they seek space at France's Dunkirk plant. Adding to renewed demand is the more potent interest of major east Asian companies


China Orders More MAN Dual-Fuel Units

Photo: MAN Diesel & Turbo

51/60DF engines to power LNGCs MAN Diesel & Turbo has announced a further order for its MAN 51/60DF engine. After a longer period of evaluation, an international consortium, including Teekay LNG Partners, has selected a Dual-Fuel Diesel Electric (DFDE) propulsion solution featuring


First LNG Containership Receives ME-GI Engine

Photo: TOTE

Late last month, NASSCO engineers placed the world’s first dual-fuel slow speed engine into the World’s First Liquefied Natural Gas (LNG) powered containership. The ME-GI engine represents the next generation of technology that will open the door to a cleaner and safer shipping


Britain Loses Europe's Gas Trading Crown to the Dutch

Photo: Gasunie

Britain has been topped by the Netherlands as Europe's leading natural gas trading hub this summer, ending decades of British dominance in the sector. Britain has reigned as Europe's busiest gas trading centre since discoveries of North Sea oil and gas in the 1970s made it Europe's main producer


Growing American Shipping Act Gaining Support

Legislation promotes revitalization of maritime industry through export of liquefied natural gas on U.S. flagged ships Chairman Duncan Hunter (R-Calif.) and Ranking Member John Garamendi (D-Calif.) held a hearing Wednesday that brought together the House Committee on Transportation and


Shippers Must Reduce Costs, Boost Efficiency

Michael Wilson

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


Bulk Carriers to Adopt Wärtsilä Dual-Fuel Engine Technology

 A new cement carrier for JT Cement will feature a 6-cylinder Wärtsilä 34DF main engine, making it the first bulk carrier to adopt Wärtsiläs multi fuel capability.

The increasing use of LNG as a marine fuel is further emphasized with the latest order for Wärtsilä's dual-fuel engine technology. A new cement carrier being built at the Scheepswerf Ferus Smit yard in the Netherlands will feature a six-cylinder Wärtsilä 34DF main engine


DNV GL Presents AIP for ‘LNG Ready’ Mega Box Ships

From right to left: Tor Svensen, CEO of DNV GL Maritime, presents the Approval in Principle for the first “LNG Ready” mega box ships to Oi Hyun Kim, CEO and COO of HHI’s Shipbuilding Division, and Waleed Al Dawood, COO of United Arab Shipping Company, in the presence of His Excellency Sheikh Ali Bin Jassim Al Thani, UASC Board Member.

Wednesday at the SMM trade fair in Hamburg, DNV GL presented Hyundai Heavy Industries (HHI) and United Arab Shipping Company (UASC) with an Approval in Principle (AIP), recognizing the technical feasibility of the LNG fuel system design for the A14 and A18 series of container vessels


Crowley Gets Small-Scale NFTA LNG Supply License

Gas tanker: Photo courtesy of Crowley

Crowley Maritime Corp. informs that its subsidiary Carib Energy LLC has been granted a 20-year, small-scale U.S. Department of Energy (DOE) export license for the supply, transportation and distribution of U.S.-sourced liquefied natural gas (LNG) into Non-Free Trade Agreement (NTFA) countries in


US Shippers Seek Role in LNG, Oil Exports

Congressman Hunter

The U.S. government should ensure that international trade of U.S. natural gas, and potentially crude oil, will offer opportunities for the domestic shipping industry, maritime groups said on Wednesday. Booming shale gas production has put the United States on track to become a major exporter






 
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