Glencore to Send First Spot LNG Cargo to Zhoushan
Swiss-based global mining and commodities trader Glencore is set to send its first spot liquefied natural gas cargo to Zhoushan in eastern China in a trading joint venture with Zhejiang Energy Group, a top company trader said on Friday.Glencore's joint venture with Zhejiang, which is backed by the provincial government, dates from 2018, making it one of the few Western traders with such tie-ups in China, the world's top crude oil buyer and second-largest importer of LNG.Alex Sanna…
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 the eastern coastal city of Zhoushan, Total said in a statement on its website. Beijing is freeing up the nation's LNG trade as part of broad reforms that allow private companies to invest in oil and gas exploration as well as pipelines and tank farms, and to engage in importing and exporting. The aim is to help secure supplies while boosting competition and efficiency in an energy sector long dominated by state firms. ENN Group is the parent company of Hong Kong-listed ENN Energy Holdings.
LNG Shipping Rates Nosedive
According to Andrew Buckland, a London-based analyst at Wood Mackenzie Ltd rates to transport liquefied natural gas have declined to about $50,000 per day and will probably go lower before recovering. In 2012 it was more than $140,000 a day. That’s good news for buyers and sellers of the fuel. Lower rates can benefit traders that sign short-term contracts and give LNG players flexibility in where they deliver the gas, said Hal Miller, president of consulting company Galway Group in Houston. At the same time, ship owners will be hurt by falling rates. There has been reports that over a dozen liquefied natural gas (LNG) tankers are parked…
Hyundai Heavy Names First Newbuild LNG FSRU
Hyundai Heavy Industries Co., Ltd. (HHI) held a naming ceremony for the world’s first newbuilding LNG floating storage regasification unit (LNG FSRU), ordered from Höegh LNG in June 2011. The 170,000 cbm LNG FSRU, measuring 294 meters in length, 46 meters in width and 26 meters in depth with the storage capacity of 70,000 metric tons of chilled natural gas, will be chartered to Lithuania’s Klaipedos Nafta under a long-term contract. The naming ceremony of the LNG FSRU, Independence held in Ulsan…
World First: Hyundai Samho Launches LNG Carrier Built On-ground
Hyundai Samho Heavy Industries (HSHI), a shipbuilding affiliate of Hyundai Heavy Industries, the world’s biggest shipbuilder, successfully launched a 162,000 m3 LNG carrier built using the on-ground shipbuilding method for the first time in the world, the shipyard claims. The vessel, designed for delivering chilled natural gas, was ordered by Golar of Norway in February, 2012. It, measures 289 x 45.6 m with a 26 m depth, and is scheduled to be handed over to the owner by late July 2014 after outfitting and painting work.
Hyundai Clinches $500m Order for Two LNG FSRUs
Hyundai Heavy Industries, a Korea-based company mainly engaged in the ship building business, has clinched a $500 million order to build two new LNG floating storage regasification units, or FSRU, for Hoegh of Norway. This contract also includes an option exercisable by Hoegh to order two additional same-class LNG FSRUs. The 170,000 cbm LNG FSRUs, measuring 294 meters in length and 46 meters in width, can store 70,000 tons of chilled natural gas. These two vessels are scheduled to be delivered by the second half of 2013 and the first half of 2014 respectively, and will operate for 40 years.
