Golar Plans To Go Above and Beyond Shipping

Monday, June 25, 2001
Norwegian shipping magnate John Fredriksen's Liquefied Natural Gas (LNG) transport company, Golar LNG, said it plans to expand beyond the shipping niche to handle the whole LNG logistics chain.

"In order to optimize the value of its fleet, Golar will have to extend its presence in the LNG logistical chain," Golar's Tor Olav Troim reportedly said.

A company spokesman said on Monday that this meant more than just buying into receiving terminals. "It's not something we can do by Christmas, but we've been looking at both the supply end and the receiving end, and we can do a lot in the way of supply chain management," he said.

Troim said the move would be made through "direct investments or through partnerships/alliances with major industry players."

Tanker analysts said that LNG shipping requirements had traditionally been handled through long-term charters and Golar's approach was currently unheard of.

Golar raised $280 million in a private placement in May with the intention of listing on the Oslo Stock Exchange this month and in New York later this year. Oslo Stock Exchange approved Golar's listing plans last Thursday.

Troim estimated LNG tanker demand would grow by 11.2 percent per year between now and 2006, while tanker supply growth would only increase by an average of 8.2 percent per annum between end 2000 and end 2004.

He said that between now and 2006 there was capacity at world shipyards to build 70 ships. While only 36 of these ships would be needed for projects already underway, this number would rise to 96 if all planned and speculative projects went ahead.

Troim said Golar, which is 50 percent owned by Fredriksen, would gain from close co-operation with Frontline, in which Fredriksen has a 40 percent stake.

Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Former MSC Manager Sentenced on Bribes Charges

Former Afloat Programs Manager at the United States Navy Military Sealift Command (MSC), Kenny E. Toy, was sentenced to 96 months in prison for receiving bribes, the U.

Vale Profit Falls Amidst Record Output

Brazilian miner Vale SA posted a sharp decline in profit from the previous quarter as lower iron ore prices undermined record production of the steel-making ingredient.

Kurdish Crude Lightered, Destination Unknown

Part of a Kurdish oil cargo has been offloaded from a Greek-managed tanker into another tanker in the South China Sea, but mystery surrounds the identity of the

Tanker Trends

US DOE Approves Oregon LNG Export Project

The U.S. Energy Department said on Thursday it has approved Oregon LNG to export liquefied natural gas, as the Obama administration works through applications to

Kurdistan Says Crude Cargo Near Texas Legally Sold

A $100 million cargo of crude oil in a tanker near Texas was legally shipped and sold by Kurdistan, lawyers for the autonomous region in Iraq told a U.S. court in a letter seen on Thursday,

Kirby Reports Record Q2 2014

Record 2014 second quarter earnings per share of $1.31 compared with $1.11 in the 2013 second quarter, which included a $0.07 benefit due to the reduction of the United earnout liability.

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Navigation Offshore Oil Pod Propulsion Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1915 sec (5 req/sec)