LNG is the Bridge to ‘Zero Emissions’ Shipping
The advent of industry wide tightening of allowable sulfur emissions is getting nearer. Suddenly, with the deadline now little more than one year away, the countdown clock will very soon be ticking much louder. Simply stated, the cap on allowable sulfur content in marine fuels, presently at 3.5 percent in many geographical regions, will be reduced to 0.5 percent in January 2020. The 0.1 percent sulfur cap, already in effect since 2015 in coastal Emissions Control Areas (ECAs) in Europe and North America…
Angola LNG Ramps Up Exports ahead of Maintenance
Angola's sole liquefied natural gas (LNG) project is stepping up exports of cargoes in the spot market ahead of maintenance, three industry sources said on Tuesday.The plant has issued several tenders in the spot market for LNG cargoes to load in May and June, the sources said.Angola's Soyo plant, which has a capacity of 5.2 million tonnes of LNG per year, will be undergoing a planned shutdown for maintenance in July, with production expected to resume in early August, a company spokeswoman said.The spokeswoman declined to comment on the plant's recent rise in exports…
Signet Acquires Colle Towing
Signet Maritime Corporation, a marine transportation and logistics company, continues to grow with their recent purchase of Colle Towing Company’s assets and business operations. Since 1878, Colle Towing Company Inc., Pasacagoula MS has been providing offshore, harbor and intracoastal marine towing on the Mississippi Gulf Coast. Assets and personnel in Pascagoula will begin operations immediately under the new name, Colle Maritime Company, a Division of Signet Maritime Corporation.
Angola LNG to Charter Out Tankers After Pipe Rupture
Angola's new liquefied natural gas (LNG) export project aims to charter out its entire tanker fleet for at least a couple of months after a major rupture on a flare line crippled output at the $10 billion plant last month. The project partners led by U.S. oil major Chevron have approached shipbrokers to charter out all seven LNG carriers dedicated to Angola's liquefaction facility, three sources said. One of the tankers has already been chartered to a shipper and is due to load a cargo in Nigeria soon. "The other ships are currently being discussed ... some of the charters being discussed are at least until July or August," one of the sources said. Another source said Angola LNG had expressed interest in locking in any charters that become available.
Vitol buys Angola LNG Shipment
Trading house Vitol purchased a liquefied natural gas (LNG) shipment from Angola's Soyo production facility following a tender, trade sources said. The vessel is currently sailing off South Africa on a heading which indicates a delivery to India or markets in Asia, the sources said. Reporting by Oleg Vukmanovic
Teekay Corporation Reports Q1 Results
* First quarter 2011 cash flow from vessel operations of $136.4 million. * First quarter 2011 adjusted net loss attributable to stockholders of Teekay of $27.9 million, or $0.39 per share (excluding specific items which decreased GAAP net income by $1.8 million, or $0.02 per share). * Completed sale of remaining 49 percent interest in Teekay Offshore Operating L.P. to Teekay Offshore Partners for $390 million; Teekay Offshore increased cash distribution by 5.3 percent. * Agreed…
May LNG Cargo Prices Fall on Waning Demand
Asian spot LNG prices edged lower this week amid thin trade for May cargoes and as focus shifts towards June supplies. Spot prices for May delivery of LNG in Asia fell by 35 cents to $5.40 per million British thermal units (mmBtu), as interest for May cargoes weaken because most end-users have already secured their necessary feedstock for the month. Prices for June delivery of LNG in Asia was pegged slightly higher at $5.50/mmBtu amid expectations that demand could return as North Asian buyers begin purchasing cargoes to meet summer demand.
Angola Ships First Offshore LNG Cargo
The first cargo was sold to Angola's state oil & gas company and is currently being shipped to Brazil by the LNG carrier 'SS Sonangol Sambizanga', one of seven 160,000 m3 LNG vessels that are under long-term charter to the Angola LNG project. Angola LNG, the Soyo-based facility built to create value from Angola's offshore gas resources, confirms that production of liquefied natural gas (LNG) has safely commenced at the Angola LNG plant in Soyo and that its first cargo has been shipped, marking the first new LNG supply to come on-stream since 2010.
LNG Prices Retreat on Soft Demand
Asian spot prices for liquefied natural gas (LNG) extended their fall this week on slack demand, although production issues in Australia helped stem losses. LNG for May delivery in Asia traded at around $4.20 per million British thermal units (mmBtu), compared with $4.30 per mmBtu last week. LNG for June delivery was lower at around $4.00 per mmBtu. Mechanical problems at Australia's Gorgon LNG export terminal are expected to halt production for 30 to 60 days, a development which traders said had helped stop prices sliding further this week. "The impact is that the market hasn't come down quicker," a trader said. On the shipping side, however, it had contributed to a glut in tankers.
Energy: Uncertain Outlook for LNG Market
June saw more enquiries than May, and more were converted into fixtures, but Drewry’s LNG freight index was stubbornly unchanged according to the latest LNG Insight. However, market sentiment remains positive as Cheniere took three vessels on mid-term charter, plus options. One vessel from Dynacom was also added to the first of the two ME-GI ships from Teekay, while Inpext also announced newbuildings for Ichthys. But sentiments were less positive in Africa, where the Nigerian Maritime Administration blocked ship movements from the Bonny Channel as its relationship with Nigeria LNG became even more tense. African supply has already suffered as North African suppliers have been facing feedstock problems.
First Angola LNG Transits South Atlantic
The 160,000 m3 cargo - which left Soyo aboard the SS SONANGOL SAMBIZANGA last month - has been safely unloaded at Petrobras' regasification terminal in Guanabara Bay, Rio de Janeiro. CEO, Angola LNG Marketing Ltd. said: "Our main priority is safe and reliable production and delivery of Angolan LNG to the world. At full production it is expected that over 70 cargoes per year will leave the Angola LNG plant, supplying 5.2 million tons per year of LNG, plus propane, butane and condensate.
M/V's SIGNET STARS & STRIPES and SIGNET CONSTELLATION Christened
Vessels Christened at Trinity Shipyard amid Fanfare Befitting the Occasion, Attended by a Host of Dignitaries and Featuring a Luncheon to Celebrate the Event. Trinity Offshore, LLC and Signet Maritime Corporation christened M/V SIGNET STARS & STRIPES and M/V SIGNET CONSTELLATION yesterday at the Trinity Shipyard in Gulfport, Mississippi. This extraordinary affair included many of Signet Maritime’s and Trinity Offshore’s valued customers and employees in addition to many local, state and national political figures. The Christenings occurred at 10:30 A.M. Mrs. Gayle L.
Boskalis Secures Dredging Work in Africa
Royal Boskalis Westminster N.V. has been awarded three dredging-related contracts on the African subcontinent with a combined value of approximately EUR 75 million. In Angola, Boskalis has been awarded a contract by Angola LNG Ltd. for dredging activities related to maintaining the access channel and turning basins of the Soyo LNG port. The project will be executed in joint venture and involves the removal of approximately 11 million cubic meters of sand and silt by medium-sized trailing suction hopper dredgers. Work is set to commence in the third quarter of 2015 and will be completed by the end of 2017. Boskalis also executed the initial capital dredging and reclamation works for this LNG port on behalf of Angola LNG Ltd. from early 2007 until mid-2009.
Vitol Signs Deal with Angola LNG
Angola LNG (ALNG) and Vitol, the world’s largest independent energy dealer, have entered into a multi-year LNG sales agreement. Under the agreement, ALNG cargoes will be delivered to Vitol at destinations around the world. Commenting on the sales agreement, Artur Pereira, CEO, Angola LNG Marketing Ltd, said: “This sales agreement is an important step for Angola LNG and demonstrates our ability to respond to the needs of our customers and the market. Pablo Galante Escobar, Head of LNG, Vitol, said; “We are delighted to have entered into this agreement with Angola LNG.
LNG-Prices Slide, Middle East Boosts Imports
The new new supply of liquefied natural gas (LNG) from Russia's Sakhalin plant and weakening demand from Egypt helped snap a months-long rally. Hence Asian spotLNG prices fell this week, reports Reuters. Meanwhile, countries in the Middle East and North Africa led by Egypt, Kuwait and Morocco are boosting liquefied natural gas import capacity, taking advantage of low prices to meet rising energy demand, according to a Bloomberg report. Russia's Sakhalin II plant is tendering to sell three cargoes loading in September and one in October, relieving supply constrained markets.
Angola LNG Compressor Leak Delays Loading Program
A compressor leak at Angola's new liquefied natural gas (LNG) export plant has delayed loading programs and reduced output at the $10 billion project, which is due to shut for two months from July, a site manager said. Delays caused by a leaking valve at an air compressor unit has meant that LNG initially due to start being pumped aboard a waiting vessel on Tuesday this week has been pushed back to Monday next week. The leak will affect the export of Angola's third LNG shipment of 2014 for which it is currently collecting bids as part of a tender launched last week. "Five days ago an air compressor issue arose with one of the valves somehow leaking," a site source said.
Rig salvage work off Angola LNG to start in Q2
Salvage work to remove a capsized drilling rig lying in shallow waters off Angola's new liquefied natural gas (LNG) plant is due to start in the second quarter, Italian oil services firm Saipem said. The capsize of Saipem's Perro Negro 6 occurred last summer during efforts to bore a tunnel below an underwater canyon for a gas pipeline that would feed the liquefaction facility. Saipem has awarded the salvage operation to an as-yet unidentified company, a spokesman said. "The activities will start in the second quarter following the customary authorisation from local authorities," the spokesman said. The disaster killed one person and cut off feedgas from Chevron-operated blocks 0 and 14, which were to be linked to the plant this year via the canyon tunnel.
LNG Rebounds as Asian Buyers Replenish Inventory
Interest for prompt spot cargoes still keen; demand could roll over to April. Asian spot liquefied natural gas (LNG) prices rebounded this week as persistently cold weather in North Asia forced buyers to enter the spot market to replenish inventory. Spot prices for March <LSG-AS> delivery in Asia climbed 40 cents to $10.60 per million British thermal units (mmBtu) this week, according to several LNG traders in Asia. Cargoes for delivery in the first half of March are trading between $10.70 and $11 per mmBtu while cargoes for the second half of the month are trading at just above $10 a barrel…
5 Million Tons Per Year Expected from Angola’s LNG Project
The Angola LNG (liquid natural gas) project is expected to produce 5 million tons of gas per year, as of 2012, the country’s oil minister, Desidério Costa, said in Luanda recently. He added that Angola would gain from environmental conservation as well as from the sale of gas. Cited by Angolan news agency Angop, Costa said that Angolan government had prioritized the progressive reduction of the amount of gas burned off in oil activities, with the aim of using it entirely for domestic and industrial use by 2010. [Source: http://www.macauhub.com.]
LNG Price Gains Face Ceiling as New Supply Emerges
Asian spot liquefied natural gas (LNG) prices rose this week on the back of rallying gas benchmarks in Europe and a production outage in Angola. The price of LNG for December delivery was $7.20 per million British thermal units (mmBtu), up around 25 cents from a week earlier, buoyed by gains in British month-ahead gas prices. UK December gas rose as much as 10 percent this week. Further LNG spot gains may be capped as prices close the gap with long-term, oil-indexed LNG contract levels and with new supply emerging from U.S. and Australian liquefaction projects, analysts and trade sources say. LNG importers arbitrage between buying shipments on spot markets or through their long-term contracts which tend to act as a ceiling on spot prices.
RAstar Class Tugs for Angola LNG Contract
Colle Maritime Company, a joint venture between Signet Maritime Corporation and Colle Towing Company, has been awarded a twenty-year contract to provide marine support services to Angola LNG Supply Services (ALSS) in the Port of Pascagoula, Mississippi. The Signet/Colle joint venture will construct two RAstar 3100 Class Terminal Support/Escort Tugs to fulfill this important contract. The tugs, designed by Robert Allan Ltd. of Vancouver, BC, will each provide 80 metric tonnes of bollard pull.
Angola LNG, Colle Maritime 20 Yr Contract
Colle Maritime Company of Pascagoula Miss., a joint venture between Signet Maritime Corporation and Colle Towing Company, has been awarded a twenty-year contract to provide marine services to Angola LNG Supply Services LLC (ALSS) in the Port of Pascagoula, Miss. The agreement, to commence third quarter 2011, includes options to extend for up to ten additional years. Utilizing their combined expertise, the joint venture between Colle and Signet will construct two highly specialized terminal support/escort tugs that will each provide 80 metric tonnes of bollard pull.
Salvage of Capsized Rig to Finish by March 2015
Salvage work to remove a capsized rig lying in shallow waters offshore from Angola's new liquefied natural gas (LNG) export plant should be completed by March 2015, the company in charge of the operation said. The three-legged Perro Negro 6 drilling rig overturned last summer as it was being positioned to bore a tunnel for a gas pipeline key to feeding the $10 billion plant. Italian oil services firm Saipem chose South African company Smit Salvage, a unit of Netherlands-based dredging specialist Boskalis, to remove its rig.