Lng Group News

With 90% of global trade moved by sea, shipping is a major contributor to climate change. The International Maritime Organization (IMO) estimated that the industry’s greenhouse gas emissions grew by 10% between 2012 and 2018, while the industry’s share of global anthropogenic CO2 emissions grew slightly to almost 3%, about the same volume as Germany. It also forecasts that ‘business as usual’ could see emissions increase by up to 50% by 2050 due to the growth in shipping trade.The race to decarbonize shipping is now underway.

With 90% of global trade moved by sea, shipping is a major contributor to climate change. The International Maritime Organization (IMO) estimated that the industry’s greenhouse gas emissions grew by 10% between 2012 and 2018, while the industry’s share of global anthropogenic CO2 emissions grew slightly to almost 3%, about the same volume as Germany. It also forecasts that ‘business as usual’ could see emissions increase by up to 50% by 2050 due to the growth in shipping trade.The race to decarbonize shipping is now underway.

Höegh LNG announced on Monday that its president and CEO Sveinung J. S. Støhle is resigning to purse a career outside of Norway.The Norwegian shipowner said Støhle gave his resignation notice on October 9 and that he will remain in his role until November 1.Thor Jørgen Guttormsen will act as interim president and CEO effective November 1 and until a permanent successor is appointed.An  LNG industry veteran with more than 25 years of experience in shipping and oil and gas, Støhle has worked for Höegh LNG since 2005. He served as director and chairman of the board of directors of Höegh LNG Partners LP since April 2014 but stepped down as a chairman when assuming the position as CEO of Höegh LNG Partners LP since August 2020.

Chinese state-owned China National Offshore Oil Corp (CNOOC) has led the first group purchasing order for liquefied natural gas (LNG) on the Shanghai Petroleum and Natural Gas Exchange, the bourse said in a statement on Wednesday.The 120,000-tonne LNG cargo will arrive in April 2021 via CNOOC's terminals and other approved hubs in Shenzhen and Guangdong, the exchange said. Buyers will have until the end of September to collect their purchases.The exchange's newly launched group purchasing option for LNG buy tenders allows smaller firms to purchase portions of a larger cargo.

UK-based small-scale liquefied natural gas (LNG) supplier Avenir LNG announced that Milorad Doljanin will assume the role of Chief Executive Officer with effect December 13th, 2019.According to a press release from the shipping venture backed by Stolt-Nielsen, Golar LNG and Höegh LNG, Doljanin joined in August 2019 as COO.He brings 15 years of LNG trading and commercial experience with PetroChina, Gazprom, EON and BP.Commenting on his appointment, Milorad said “This is an exciting time for Avenir LNG, a company which is uniquely placed to provide LNG to small-scale LNG customers who were previously unable to access the fuel’s environmental and commercial benefits.”Doljanin succeeds Andrew Pickering, who will retire as CEO of Avenir LNG Limited on December 13th, 2019.

The exceptional growth in LNG trade recorded in the first half of the 2019 continued in Q3, says Awilco LNG Group, the Norwegian based fully integrated pure play LNG transportation provider.According to Fearnleys LNG total LNG trade is up about 13 % in the first nine months of the year vs last year. In line with normal seasonal patterns gas prices inched upwards in Q3 but remained historically low due to increased production and muted demand in the Far East.Due to a relatively mild winter reducing gas demand for power generation and higher nuclear power generation in Japan and South Korea, LNG imports decreased by 8 and 9 % y-o-y Jan-Sept respectively…

In spite of low gas prices due to ample LNG supply growth and muted demand so far in 2019 spot shipping rates have gradually increased over the last few months and are currently about USD 70,000 per day on average, said Awilco LNG Group.According to Norwegian LNG transportation provider, European gas storage nearing full capacity coupled with a consistent contango across the LNG price curves for contracts delivering over the rest of the year supports sending US LNG to Asia.A handful of vessels have already been employed on storage plays over the next few months. Consolidation discussions with other ship owners are still ongoing, however…

Global liquefied natural gas (LNG)  shipping demand in Q1 209 was essentially flat compared to Q1 2018 and coupled with a 10 % growth in the fleet since Q1 2018 rates suffered, said Awilco LNG Group.A relatively warm winter in the Far East and high storage levels in China and South Korea resulted in muted gas buying interest in the quarter and the downward gas price pressure seen in Q4 2018 continued throughout Q1 2019, said the Norwegian owner of LNG carriers.Due to weak demand and ample cargo availability Asian LNG futures prices for Q2 2019 delivery continued falling until early April, at which point buyers started positioning for the seasonally stronger summer months.Global LNG trade including reloads is estimated by Fearnleys LNG to have increased by about 8-9 % in Q1 y-o-y…

The floating liquefied natural gas (LNG) company  Höegh LNG Holdings announced that Håvard Furu is appointed as new Chief Financial Officer (CFO) of Höegh LNG AS effective 1 March 2019.The interim CFO, Steffen Føreid, will step down effective 1 March 2019 and will from then continue in his role as Chief Executive Officer and Chief Financial Officer of Höegh LNG Partners LP.Håvard Furu comes from the position as CFO of law firm Wikborg Rein. Before that he was CFO in Western Bulk in the period 2009 to 2017 and was formerly employed by BW Gas as Assistant Director Strategy and Finance.From 1997 until 2005 he held various positions within auditing with PriceWaterhouse Coopers. Mr.

The first cargo of nearly 11,000 gallons of liquefied natural gas (LNG) was loaded at the new Eagle LNG Partners liquefaction facility located near Jacksonville, Fla. Crowley Maritime Corporation’s LNG group loaded the cargo into an ISO tank container and delivered it over the road to the Port of Jacksonville for ocean transport to support customers in Puerto Rico. “With the successful LNG tank container loading at the Eagle LNG Partners’ Maxville Facility, Crowley can offer even more flexible services and sourcing locations to supply customers with LNG as a cleaner, safer fuel source.

Pivotal LNG announced a multi-year agreement to sell liquefied natural gas (LNG) to Carib Energy LLC, a Crowley Maritime Corp. subsidiary. Crowley will transport and deliver LNG from the U.S. mainland to its newest client, Molinos de Puerto Rico, a subsidiary of Ardent Mills LLC, the island’s leading supplier of flour as well as wheat, corn and rice-based food ingredients. “Crowley’s partnership with Pivotal LNG continues to help our customers meet their energy needs with cleaner, efficient fuel sources,” said Crowley Vice President Greg Buffington.

FLEX LNG announce they have executed a binding and final settlement agreement with shipbuilders Samsung Heavy Industries: arbitration proceedings have been discontinued and all actual and potential claims and counterclaims arising out of past relationships and contracts between them have been settled. As part and parcel of the settlement agreement, two ship building contracts have been entered into between SHI and FLEX LNG for two 174,000 m3 TFDE LNG Carriers at prices reflecting current market conditions. As a result of the settlement agreement the parties have agreed to redeploy USD 210 million from payments already made to SHI by the FLEX LNG group, which will be used as the first instalment for the two vessels. The remaining instalment will be due on delivery of the vessels.

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. “This venture is a logical extension for us,” said Geoff Green, Managing Director of Braemar Engineering (formerly Wavespec).

Increased interest in the building of liquefied natural gas (LNG) carriers at Chinese shipyards spurred the recent Large LNG Carriers Forum, held in Shanghai, and conducted jointly by classification societies ABS and CCS (China Classification Society) in conjunction with leading LNG operators. More than 150 representatives from the Chinese government, shipowners, shipbuilders, designers, energy corporations and universities attended the forum. Topics presented by leading industry participants Poten & Partners, NYK Line LNG Group and BG Americas included the global LNG market outlook, LNG carrier specifications and LNG carrier operations and fleet management.

El Paso Global LNG, a subsidiary of El Paso Corporation, announced today that the definitive liquefied natural gas (LNG) purchase and sale agreement signed in October 2001 with a consortium of natural gas production companies led by Statoil ASA received final Norwegian and United States government approvals on May 31, 2002. The consortium will develop the Snohvit Project in northern Norway and provide El Paso with an annual delivery of approximately 1.8 million tons of LNG during the 17-year primary term of the agreement. This agreement will account for more than 40 percent of the total capacity to be produced at the Snohvit Project's LNG liquefaction facility, which will be located on Melkoya Island, just north of Hammerfest, Norway.

Nippon Yusen K.K., the largest Japanese shipping line, reportedly plans to order 20 new liquefied natural gas (LNG) tankers by 2010 and use five or six tankers for spot contracts, a change in strategy that may bring higher returns. The company will fund the purchase of 15 of the ships jointly with customers with whom it has long-term contracts, said Hitoshi Nagasawa, head of Nippon Yusen's LNG group. It may use new or existing ships for the spot market and will be the sole owner of those ships.