Höegh LNG - Interim results for quarter ended 30 June 2014
Höegh LNG reported USD 32.3 million in total income in the second quarter 2014, down from USD 42.7 million in the second quarter 2013. The decrease is mainly due to USD 16.2 million lower construction contract revenues. "We reached an important milestone when the complex FSRU and Mooring project in Lampung reached mechanical completion and the FSRU commenced commercial operation in August 2014," Sveinung J.S. Støhle, President and Chief Executive Officer stated. "Another important milestone was met in August 2014 with the successful IPO and NYSE listing of Höegh LNG Partners. The IPO was six times oversubscribed and priced at a yield of 6.75%, the best pricing ever achieved for a maritime MLP IPO.
Ship Glut Burdens LNG Tanker Market, Slashes Profits
Deliveries of new gas tankers have created a glut that is threatening to tip some operators into losses, just as other shipping markets emerge from their worst downturn in decades. The liquefied natural gas (LNG) tanker market was until recently the only bright spot in an otherwise depressed freight industry. A global surge in the demand for gas, led by Japan in 2011, boosted trade, tied vessels to longer routes and drove rental rates to record highs. But the 119 new carriers ordered from 2011 will have expanded the fleet by over 30 percent by end-2017.
Interactive Simulation for LNG Ships in Trinidad
MarineSafety International Rotterdam b.v. (MSR) recently successfully completed the first of a series of four training courses for Point Fortin sponsored by Atlantic LNG Trinidad and Tobago. This Interactive Pilot-Tug-Master training for the Trinidad Pilots & Berthing Master Association, the tug masters of Plipwijs, and various masters of LNG carriers calling at Point Fortin, lasted five days. The major portion of the course was related to all aspects of safely piloting the LNG carriers Norman Lady, Matthew and Methane Arctic, loaded, as well as ballasted, in and out of Trinidad's LNG port under difficult circumstances. Special attention was given to tug assistance when operating an Azimuth Stern Drive (ASD) tug.
Dominion Resumes LNG Operations
The Coast Guard will escort a liquefied natural gas (LNG) shipment into Dominion’s natural gas facility in Lusby, Md., Friday about 2 p.m.; the first vessel to unload product at the facility in 23 years. The Coast Guard Captain of the Port of Baltimore in consultation with other federal, state, and local agencies verified the Cove Point facility is ready to resume operations and is capable of safely receiving and handling shipments of LNG. Homeland Security is a top priority of the Coast Guard, and the agency’s marine safety offices in Hampton Roads, Va., and Baltimore worked with the Maryland Department of Natural Resources Police, Virginia Marine Patrol and other local maritime enforcement partners on security related plans.
