Jessica Jaganathan News

Singapore's highest court has dismissed an appeal by oil tycoon Lim Oon Kuin and his two children after they were successfully sued for breach of fiduciary duties by the court-appointed managers of a company they once owned.Lim is the founder of defunct Hin Leong Trading Pte Ltd and Ocean Tankers, once one of Asia's largest oil trading and shipping firms, which both went under judicial management in 2020, after oil prices collapsed."The entire conduct of this litigation has led to an immensely unsatisfactory state of affairs…

Demand for liquefied natural gas (LNG) is expected to rise by 25 to 50% by 2030, making it the fastest growing hydrocarbon over the next decade, analysts from Morgan Stanley Research said in a note on Monday.Morgan Stanley has raised its long-term LNG price outlook to $10 per million British thermal units (mmBtu), expecting spot prices of the super-chilled fuel to average 40% higher over the next decade, versus the past five years.Asian spot LNG prices hit a record above $56 mmBtu…

Tanker rates to ship liquefied natural gas (LNG) have more than doubled since the start of the month as a power crisis in Asia and Europe drives up demand for vessels, industry sources said on Tuesday.The daily charter rate for a tri-fuel diesel-electric (TFDE) vessel that can carry 160,000 cubic meters of LNG to Pacific basin ports rose to $202,500 a day on Tuesday, the highest since Jan. 15, according to data from Spark Commodities.For the same type of ship moving in the Atlantic basin…

Major Chinese energy companies are in advanced talks with U.S. exporters to secure long-term liquefied natural gas (LNG)supplies, as soaring gas prices and domestic power shortages heighten concerns about the country's fuel security, several sources said.At least five Chinese firms, including state major Sinopec Corp and China National Offshore Oil Company (CNOOC) and local government-backed energy distributors like Zhejiang Energy, are in discussions with U.S. exporters, mainly Cheniere Energy and Venture Global…

Singapore LNG Corp is making inquiries about buying LNG cargoes from the spot market, a rare move for the operator of the city-state's liquefied natural gas (LNG) terminal, industry sources said on Wednesday.The inquiries come on the back of surging prices globally of power generation fuels such as LNG and coal, amid power shortages from China and India to Europe.SLNG contributes to Singapore's energy security and its terminal supplies up to 30% of the city state's natural gas demand for power generation…

Bangladesh bought two liquefied natural gas (LNG) cargoes for delivery in October at record prices, two industry sources said on Friday, as low inventory in Europe boosts competition with Asia for supplies ahead of winter.The south Asian nation bought one cargo from trader Vitol for delivery in mid-Oct. at $35.89 per million British thermal units (mmBtu) and another from Gunvor for late Oct. delivery at $36.95 per mmBtu, said an official of state-run Petrobangla."Winter is yet to come but prices have gone crazy…

Asia liquefied natural gas (LNG) spot prices surged by 40% to a record high of over $56 per million British thermal units (mmBtu) on Wednesday, amid a global energy crunch and low gas inventories.Price agency S&P Global Platts' Japan-Korea-Marker (JKM), which is widely used as a spot benchmark in the region, climbed to $56.326 per mmBtu on Wednesday for a cargo delivered into North Asia in November, up $16.65 from Tuesday, its data showed.This works out to roughly over $320 per barrel of oil equivalent.

Oil held above $75 a barrel on Thursday, within sight of a multi-week high hit a day earlier, supported by a big drop in U.S. crude inventories and surging European natural gas prices.U.S. crude inventories fell by 6.4 million barrels last week, more than the 3.5 million-barrel drop analysts expected, with offshore oil facilities still recovering from the impact of Hurricane Ida last month.Brent crude was down 15 cents, or 0.2%, at $75.31 a barrel by 1128 GMT. On Wednesday, Brent touched $76.13, its highest since July 30. U.S.

Liquefied natural gas (LNG) tankers are burning more dirty fuel oil than normal after the price of their super-chilled cargo soared above that of oil, trade and shipping sources said.LNG tankers often use some of their cargo, stored in liquid form at minus 163 degrees Celsius, for power, as a small portion tends to evaporate or "boil off" during transit and needs to be removed from the tanks anyway to avoid a build up of pressure.Older LNG tankers run on steam turbines that burn a combination of fuel oil and boil-off gas…

Russian liquefied natural gas producer (LNG) Sakhalin Energy said on Wednesday post-shutdown commissioning was continuing at the second LNG train at its Prigorodnoye production complex.Comprehensive maintenance work, which began on July 9, had been initially due to last around 37 days, meaning the stoppages had been expected to finish by around this week. Sakhalin Energy said the first LNG train had restarted and the Amur River LNG carrier had departed with a first LNG cargo.It was not immediately clear when the second LNG train would be back online fully…

Singapore LNG Corp, operator of the city-state's liquefied natural gas (LNG) terminal, is designing a new facility to extract chemicals from the super-chilled fuel, in a project that could help boost the island's energy security.The company said on Wednesday it is working with Keppel Infrastructure through its wholly-owned subsidiary Keppel Energy and another industry partner on front-end engineering and design (FEED) for a natural gas liquids extraction facility at the terminal in Jurong Island…

The investment outlook for liquefied natural gas (LNG) has improved this year but project go-aheads will not match the bonanza of 2019, as the fight against climate change clouds the prospects for gas demand growth longer term.Renewed optimism as the industry emerges from the pandemic, rapidly rebounding oil and gas prices and a better economic outlook is building confidence in short and long term LNG demand in Asia and spurring companies to look at new LNG projects, most of which were shelved last year when prices slumped.However, they need to take into account the ever tighter carbon emissio

Liquefied natural gas (LNG) prices are poised for more gains as gas-hungry China guzzles cargoes to feed a rebound in economic growth while the easing of coronavirus-induced restrictions restores industrial demand in India.Higher oil and coal prices have also helped lift global gas prices with spot Asian LNG prices <LNG-AS> doubling in just three months."We believe this has been driven by a tightening of Asian LNG balances led by strong generation demand in southern China at the same time that South Korea reached peak nuclear maintenance…

Exports of gasoline and blend stocks from Asia to the United States rebounded in May from April, including two rare shipments from India, to meet rising summer demand in the west, industry sources and analysts told Reuters.Global gasoline demand growth has shifted back to the United States and Europe, where widespread COVID-19 vaccinations are spurring more travel. In contrast, fuel use in Asia outside China has slowed recently as India, Malaysia and other key fuel markets were hit by lockdowns, prompting traders to send fuel westwards.In May, traders loaded about 3.8 million barrels of gasoline and blending components from Asia, mainly South Korea and India…

A tanker carrying around one million barrels of oil products was involved in a collision near the Chinese port city of Qingdao, spilling oil into the Yellow Sea, China's Shandong Maritime Safety Administration and tanker representatives said on Tuesday.The collision involving anchored Liberia-flagged tanker A Symphony and the Sea Justice took place at 0850 local time (0050 GMT), A Symphony's manager Goodwood Ship Management said in an e-mail."The force of the impact on the forward port side caused a breach in cargo tanks and ballast tanks…

China’s imports of light cycle oil (LCO) are set to fall in coming months as authorities crack down on its illicit trading and sales in South China, dealing a blow to the $10 billion market and to refiners in top supplier South Korea.China’s imports of the cheaper but more pollutive diesel blending fuel nearly doubled to record levels in 2020, but a clampdown in top oil consuming Guangdong province has curbed demand.The amount of South Korean LCO, a refinery by-product, to be loaded for shipment to China in May is down 60% from March while spot premiums have halved…

Liquefied natural gas (LNG) demand growth in Asia will slow down next year as the economic recovery stagnates and the capacity of competing fuels nuclear and coal expand in Japan and South Korea, research consultancy Wood Mackenzie said on Thursday.LNG demand in Asia is expected to rise by 12 million tonnes per annum (mmtpa) in 2022, down from the 19 mmtpa growth in 2021, Robert Sims, head of Woodmac's LNG short-term, gas and LNG research, said in a note."LNG demand growth in Asia will slow down as the economic recovery decelerates…

Singapore's Pavilion Energy has signed a 10-year deal to buy liquefied natural gas (LNG) from BP's Singapore unit starting in 2024, the companies said on Wednesday, as the city-state seeks to diversify its gas supply sources.The long-term binding LNG sale and purchase agreement (SPA) is for the supply of about 0.8 million tonnes of LNG a year to Singapore, Pavilion and BP said in a joint statement. They did not give financial details.This is the third long-term deal that Pavilion, owned by Singapore state investor Temasek Holdings, has signed since November.

A stuck container vessel in the Suez Canal, which has blocked the flow of goods through the narrow channel, will add strain to global supply chains already stretched by rebounding economic activity and tight shipping container supplies, analysts said on Friday.The 400-metres long Ever Given container vessel has been stuck in the canal since Tuesday, suspending traffic of containers transporting goods, parts and equipment through the shortest sea link between Europe and Asia.The…

The Suez Canal stepped up efforts on Friday to free a giant container ship blocking the vital trade waterway that has sent shipping rates for oil product tankers soaring and disrupted the global supply chains for everything from grains to baby clothes.Shipping rates for oil product tankers have nearly doubled after the 400 meter long Ever Given, almost as long as the Empire State Building is high, ran aground in the canal on Tuesday.Efforts to free the vessel may take weeks and be complicated by unstable weather conditions…

The shortest shipping route from Europe to Asia remained blocked on Wednesday as 10 tug boats struggled to free one of the world's largest container ships after it ran aground in the Suez Canal.The 400-metre, 224,000-tonne Ever Given ran aground on Tuesday morning after losing the ability to steer amid high winds and a dust storm, the Suez Canal Authority (SCA) said in a statement.About 30% of global container shipping volumes pass through the canal each day, carrying everything from fuel to consumer goods.

A Singapore court has approved a freeze on up to $3.5 billion of assets of the family behind collapsed Hin Leong Trading Pte Ltd, boosting the prospect of debt recovery from the former oil trading empire that counts some of the world's biggest banks among its creditors.Hin Leong was wound up in March after failing in a year-long effort to restructure more than $3 billion in debts after the COVID-19-led oil crash laid bare huge losses. Founder Lim Oon Kuin admitted in a court document…

Liquefied natural gas (LNG) cargoes are being diverted away from ports in India as surging coronavirus cases there hamper domestic gas demand, trade and shipping sources said on Monday.Six LNG tankers diverted away from India since April 20, changing the destination to northeast Asia, Europe and Kuwait instead, said Rebecca Chia, an analyst with data intelligence firm Kpler.Further diversions and reduction in shipments to India are expected this week, trade sources told Reuters…