Awilco Lng News

Oslo-listed LNG tanker operator Awilco LNG has appointed Per Heiberg as its CFO. Heiberg will assume his new position on April 6, 2021.The news follows the announcement from October 2020, when CFO Øyvind Ryssdal gave his notice of resignation.Heiberg comes from the position as CFO in Golden Ocean Group Limited where over his 15-year career also held the positions as Risk Manager and Vice President Finance."The Board and I are very pleased to have Mr. Per Heiberg onboard as CFO in Awilco LNG. His long and varied experience from the financial side of shipping will no doubt be an asset for the Company going forward,” said Awilco LNG CEO Jon Skule Storheill.Awilco LNG owns two 156,000 cbm TFDE membrane LNG vessels; WilForce and WilPride.

Norwegian based fully integrated pure play LNG transportation provider Awilco LNG ASA has announced the successful closing and completion of a 10-year sale/leaseback facility with CCB Financial Leasing Co. Ltd. (CCBFL) for the WilForce and the WilPride LNG carriers.Both vessels have been sold for a gross consideration per vessel of USD 175.0 million including non-amortizing and non-interest bearing pre-paid charter hire of USD 43.75 million per vessel.The vessels are chartered back on bareboat basis to wholly owned subsidiaries of the Company for a period of up to 10 years.Awilco LNG’s finance cost is initially expected to be reduced by about MUSD 7 annually subject to interest rate fluctuations compared to the previous financing arrangement.The bareboat rate…

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…

Norwegian liquefied natural gas (LNG) transportation company Awilco agreed and signed a term sheet for the financing of its two liquefied natural gas carriers with an Asia-based company.The refinancing for the two 2013-built 156,000-cbm TFDEs WilForce and WilPride, has been structured as a sale/leaseback similar to the current financing of the vessels, said a press note from the pure play LNG transportation provider, owning and operating LNG vessels intended for international trade.Awilco LNG says it expects the new financing to close during the fourth quarter of this year, subject to final credit approval, documentation and customary closing conditions.Recently…

Norwegian LNG transportation company Awilco LNG said that the charter deal for its WilForce LNG carrier has been cancelled by the charterer.The LNG tanker which was damaged in a collision off Singapore last month, is currently undergoing repairs at a yard in Singapore."Repairs are progressing as planned and are expected completed by end-August / early September. Cost of repairs are covered by insurance," said a statement.At the time of being struck by the other vessel, the WilForce was employed on a 9-12 month time charter contract which commenced in September 2018 as announced 5 July 2018.The Charterer has today notified Awilco LNG of its decision to cancel the remaining period of the time charter contract due to the prolonged off-hire period required to repair the Vessel.

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…

Norwegian based LNG transportation provider Awilco LNG reduced its net loss in the second quarter of this year due to higher activity of its vessels and steady spot rates. Awilco LNG’s net loss dropped to $10.1 million in the second quarter, as compared to $11.5 million in the same quarter last year and $10.4 million in the previous quarter. Awilco added 13 vessels 1H 2017, a further23 scheduledfor deliveryin 2017, although delays may be expected, said a statement from the company. At the start of the year, 43 vessels were scheduled for delivery in 2017 and eight newbuildings ordered 1st half 2017. The total orderbook stood at 104 vessels, of which 11 available. The Company owns two 2013 built 156,000 cbm TFDE membrane LNG vessels, WilForce and WilPride.

Oslo-based LNG shipping company, Awilco LNG, reported a first quarter freight income of US$8.9 million, down from $12.1 million in the same quarter the previous year. The pure play LNG transportation provider  said that an oversupply of shipping in the carrier market, limited growth in trade and a reduced ton-mile ratio have combined to keep the LNG spot market at “unsustainable levels” for more than one year, both in terms of low utilization and depressed freight rates. "The decrease was due to a minor reduction in rates and utilisation of WilPride, from 62 percent in the fourth quarter 2015 to 57 percent during the first quarter," Awilco LNG said in a statement.

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.

The vessel, according to AWILCO was subsequently sold to Teekay LNG Partners L.P., and bareboat chartered back by Awilco LNG for a period of four years plus a one-year extension option in AWILCO LNG’s favor. AWILCO LNG is a Norwegian based pure play LNG transportation provider, owning and operating LNG vessels intended for international trade. The Company currently owns two 156,000 cbm DFDE membrane LNG vessels; WilForce and WilPride, and three 125,000 cbm steam Moss type LNG vessels; WilGas, WilPower and WilEnergy.

Teekay LNG Partners L.P. is to acquire a second 155,900 cubic meter liquefied natural gas (LNG) carrier newbuilding from Awilco LNG ASA, a Norway-based owner and operator of LNG carriers. The vessel is currently under construction by Daewoo Shipbuilding & Marine Engineering Co., Ltd. (DSME) of South Korea and is expected to deliver in the fourth quarter of 2013, when it will be chartered back to Awilco. As with the first vessel, Teekay LNG will purchase the second vessel for a price of $205 million less a $50 million upfront prepayment of charter hire by Awilco which is in addition to the daily bareboat charter rate. Awilco has fixed-price purchase obligations for both vessels at the end of both the firm charter period and option period.

Teekay LNG Partners L.P. announced that it has agreed to acquire a 155,900 cubic meter (cbm) liquefied natural gas (LNG) carrier newbuilding from Awilco LNG ASA, a Norwegian-based owner and operator of LNG carriers. The vessel, which is currently under construction by Daewoo Shipbuilding & Marine Engineering Co., Ltd., (DSME) of South Korea, is expected to deliver in the third quarter of 2013, and subsequent to delivery from DSME to Awilco, Teekay LNG will purchase the vessel and bareboat charter the vessel back to Awilco at a fixed rate for a firm period of five years, plus a one-year extension option. Teekay LNG will purchase the vessel for a price of $205 million less a $50 million upfront prepayment of charter hire by Awilco which is in addition to the daily bareboat charter rate.