Bergesen Worldwide Gas Asa News

According to Dubai’s Gulf News, excess capacity in the global fleet of liquefied natural gas carriers will be at its highest this decade in 2008, due to a growing, worldwide fleet causing lower utilization rates and it is predicted by analysts that utilization of the LNG fleet will fall to 77.4 percent in 2008, almost 13 percentage points lower than at the beginning of the decade. Demand for LNG tankers has deteriorated markedly as a result of a large increase in fleet supply partly caused by speculative orders for new ships. Falling utilization is hurting revenue for companies such as Oslo-based Bergesen Worldwide Gas ASA and Golar LNG of Hamilton…

Excess capacity in the global fleet of liquefied natural gas carriers will be at its highest this decade in 2008, as a growing worldwide fleet results in lower utilization rates, according to the Royal Gazette. Demand for LNG tankers has deteriorated markedly as a result of a large increase in fleet supply partly caused by speculative orders for new ships, industry analysts pointed out. Utilization of the LNG fleet will fall to 77.4 percent in 2008, almost 13 percentage points lower than at the beginning of the decade, data showed. Falling utilization hurts revenue for companies such as Oslo-based Bergesen Worldwide Gas ASA and Golar LNG Ltd. of Hamilton, Bermuda.

Yara International ASA (Yara) and Bergesen Worldwide Gas ASA (BW Gas) have entered into a Heads of Agreement under which Yara sells its LPG/ammonia fleet to BW Gas consisting of seven fully owned and three chartered-in vessels for an agreed price of $347m. Yara and BW Gas will also enter into a partnership agreement under which BW Gas will provide shipping services that Yara has defined to be non-core. The partnership will increase both parties' flexibility providing a platform for future expansion of their seaborne ammonia trading and transportation businesses.

Marine Transaction Services (MTS), a leading provider of second generation e-business solutions, has recently secured a contract with Bergesen Worldwide Gas ASA (BW Gas), formerly Bergesen d.y. ASA. The agreement comprises MTS’ product Buyerlink, which provides BW Gas with access to MTS’ integrated trading network, as well as Electronic Invoicing. MTS has for the past 3 years delivered one-2-one connectivity services to BW Gas. This contract marks BW Gas’ transition to full-scale MTS customer. “This is a natural progression towards a fully electronically supported supply chain for BW Gas. With the increased process speed and quality MTS’ services offer, we are truly moving costs out of our value chain, states Tor-Egil Gjulem, Purchasing Manager of BW Gas.