India to Build Own LNG Fleet
Despite some delays, the Indian shipping industry appears to be finally gearing up to develop an LNG (liquefied natural gas) fleet. It is estimated that by 2012 India's LNG imports will almost equal Japan's current LNG imports of 60 million tons per annum. And to transport this quantity, the country will need about 25 LNG vessels by 2012 and 34 by 2025. Indian ship-owners are realizing the need to build up an LNG fleet. "Japan transported about 43 perent of its total LNG import of 59.1 million tonnes in 2003 on Japanese owned and controlled ships. Similarly, Korea transported about 61 per cent of its LNG imports of 19.3 million tonnes during that period on Korean controlled ships.
LR LNG Fleet Tops 100
Recent orders of classification services for six liquefied natural gas (LNG) ships have resulted in a milestone for Lloyd’s Register: more than 100 LNG ships now exist or are being built to Lloyd’s Register class, which is significant because the new ships (two for Teekay Shipping and four for BP Shipping at Hyundai Heavy Industries) will feature dual-fuel engines, a recent innovation in LNG ship propulsion. Lloyd’s Register currently classes 37% of the LNG fleet worldwide with a total of 104 ships; 65 in the existing fleet and 39 on order.
Teekay’s Gas Carrier Fleet Worth $6.9 Billion
Global shipping giant Teekay LNG Partners can count itself as owner of the world’s most expensive fleet of whole gas (LPG and LNG) ships, worth a combined $6.9 billion, according to online ship intelligence and information service VesselsValue.com. In its newest installment to the Most Expensive Fleet Series, VesselsValue compares the value of Teekay LNG Partners’ entire fleet with the prices of other costly items. For perspective, the $6.9 billion value of Teekay's LNG fleet is equivalent to 86 Wittelsbach-Graff diamonds…
Nakilat Transitions LNG Fleet from Shell
Nakilat Shipping Qatar Limited (NSQL) signed an agreement with Shell International Trading and Shipping Company Limited (Shell) to begin the planned phased transition of the management of Nakilat’s LNG fleet from Shell to NSQL. Shell has provided a range of shipping services to Nakilat’s LNG fleet since it was established in 2006, including the ship management of 14 Q-Max and 11 Q-Flex LNG carriers and the sharing of Shell’s Shipping & Maritime expertise. The vessels will be transitioned in three phases starting this year and shall be managed by Nakilat’s in-house ship management arm…
Wärtsilä to Provide TMA for Golar Fleet
Wärtsilä signed a 5-year Technical Management Agreement with Golar Management Oslo for delivery of services to Golar LNG - one of the largest independent owners and operators of liquefied natural gas (LNG) carriers in the world. The service agreement includes remote monitoring of engines, maintenance planning, advisory services, and guaranteed availability of personnel as well as spare parts. Golar LNG operates a fleet of 13 vessels, dedicated to both LNG transportation and midstream floating solutions.
Höegh LNG FSRUs on Strong Ground
Höegh LNG is upbeat on the group’s FSRU prospects as its profit rise comes on the back of an almost tripled average regasification flow rate on Höegh LNG’s FSRU fleet compared with the same quarter last year, owing to increased imports driven by ample supplies of LNG being available at low prices. All five FSRUs in Höegh LNG’s fleet operated in accordance with contract and without incidents during the quarter, the company said. "As a consequence of ample LNG being available at low prices…
Challenging Times Ahead for LNG Shipping
LNG carrier freight rates have come under severe pressure due to rising fleet supply and stabilizing LNG demand, as Japan prepares to restart its nuclear power plants. Despite the general market belief that new LNG supply from Australian projects will provide ample employment to the growing fleet, there are immediate challenges on freight rates. This is due to 49 million tonnes per annum (mtpa) of Australian LNG cargo supply expected to hit the market over the next two years, according to the newly launched LNG Forecaster report published by global shipping consultancy Drewry.
Report: LNG Fleet Needs to Expand 66%
The global fleet of tankers carrying liquefied natural gas needs to expand by 66% by 2010 to meet current and future demand from exporters including Qatar, Australia and Nigeria, according to LNG Shipping Solutions, as reported by Bloomberg. About 205 carriers need to be ordered, adding to the 182 ships in service and 127 units already contracted to be built, to meet demand for existing and future LNG projects.,As many as 105 vessels need to be ordered to meet demand for future projects and 100 vessels for current contracts.
RasGas LNG Fleet Grows
RasGas has expanded its LNG fleet with the recent launch of two vessels at Daewoo’s shipbuilding yard in South Korea, GulfTimes reports. With the addition of Al Marrouna and Al Areesh, RasGas’ LNG fleet strength will go up to 10. The two ships, owned by Teekay Nakilat Corporation, a consortium between Teekay Shipping and Nakilat, will have a cargo carrying capacity of 151,700m3 each. They will be on a long-term time charter with RasGas. Al Marrouna and Al Areesh will be the largest RasGas ships delivered to date. The ships will ferry LNG to the European and Far Eastern markets. Al Marrouna will be delivered to RasGas on October 31 followed by Al Areesh on January 2. Both ships will be operated by Teekay Shipping.
Global LNG Fleet to Peak in 2008
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…
Shell Time Charters 5 Newbuild LNG Carriers
Subsidiaries of Teekay LNG Partners L.P. (Teekay LNG) (NYSE:TGP) and a wholly owned company of Royal Dutch Shell plc (Shell) has announced that they have entered into time-charter contracts for five newbuild LNG carriers. The vessels will operate as part of Shell's global LNG fleet under time-charters ranging in duration from six to eight years, plus extension options. Delivery of the vessels will start from the second half of 2017 into 2018. The new time-charter contracts with Shell will be serviced by five 173,400 cubic meter MEGI (M-type, Electronically Controlled, Gas Injection) engine LNG newbuildings built by Daewoo Shipbuilding & Marine Engineering Co., Ltd., (DSME) of South Korea.
NYK To Expand LNG Fleet
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.
Shell to Put Teekay’s LNG Newbuilds into service
Subsidiaries of Teekay LNG Partners L.P. and a wholly owned company of Royal Dutch Shell plc today announced that they have entered into time-charter contracts for five newbuild LNG carriers. The vessels will operate as part of Shell's global LNG fleet under time-charters ranging in duration from six to eight years, plus extension options. Delivery of the vessels will start from the second half of 2017 into 2018. The new time-charter contracts with Shell will be serviced by five 173…
MarAd Announces Commitment for U.S.-Flag Vessels
The U.S. Department of Transportation Maritime Administration announced an agreement that could lead to the first LNG ships registered in the United States in almost ten years, potentially creating almost 200 jobs for U.S. mariners. Officials from Woodside Natural Gas, Inc., of Santa Monica, Calif., committed to Maritime Administrator Sean T. Connaughton and representatives from seafaring trade unions that Woodside will create a U.S. presence in the rapidly growing international liquefied natural gas (LNG) fleet. The company agreed to the employment of U.S. mariners in Woodside’s operation of the proposed OceanWay deepwater port located 28 miles off the coast of Los Angeles, and to register its two new LNG regasification vessels under the U.S. flag.
VSAT Upgrade for MOL LNG Fleet
NSSLGlobal announced it has secured a deal with Mitsui O.S.K. Lines, Ltd. (MOL) subsidiary MOL LNG Transport (Europe) Ltd. to replace the VSAT systems on board MOL LNG’s fleet of 15 liquefied natural gas (LNG) carriers. According to NSSLGlobal, its new system meets MOL LNG’s performance and support requirements to deliver faster, more robust operational connectivity and ship-to-shore remote access, alongside improved crew welfare and MLC-2006 compliance. Pete Adsett, IT Supervisor for MOL LNG commented, “Our very thorough tender process concluded that NSSLGlobal has the best combination of network performance, flat-rate pricing and support in the industry. Eleven ships have been completed, and a further three are being worked on.
Puteri Intan Satu Marks 40th LNG into Lloyd’s Register Class
The delivery of Puteri Intan Satu, on August 29, to Malaysia International Shipping Corporation (MISC) marked the arrival of the 40th LNG ship into Lloyd’s Register’s LNG fleet. Puteri Intan Satu, built by Mitsubishi Heavy Industries (MHI), has a cargo capacity of 137,489m3 and utilises the Gaztransport and Technigaz No. 96 E-2 membrane containment system. Lloyd’s Register Marine Director, Alan Gavin, said: “The delivery of Puteri Intan Satu into MISC’s fleet from MHI demonstrates a commitment to the LNG industry and to quality shipping. MISC and MHI should be congratulated on their continued demonstration of excellence in the field of LNG. We look forward to working closely with MISC in developing its fleet further, through our provision of effective business solutions.”
Maersk Sells LNG Fleet
The sale of all shares in Maersk LNG to Malt LNG Holdings ApS, a company jointly owned by Teekay LNG Operating LLC and Marubeni Corporation has been finalised. Under the terms of Maersk LNG's two partnerships with Société Generale and Qatar Shipping Company, each owning an LNG vessel, the sale of Maersk LNG triggered pre-emption rights to Maersk LNG's partnership shares. These pre-emption rights have been exercised by these two limited partners acquiring Maersk LNG's 26 percent…
RasGas Adds Seven New Ships to LNG Fleet
RasGas Company Limited (RasGas), the Qatar based premium LNG exporter, continues to grow its fleet to meet global demand. RasGas, Teekay Nakilat and J5 name seven Q-Flex LNG carriers that will enter long-term RasGas charters in ceremonies at both the Samsung Heavy Industries (SHI) and Daewoo Shipbuilding and Marine Engineering (DSME) shipyards in South Korea. These ships bring the RasGas LNG fleet to a total 20 ships ranging from 138,000 cu.m through to 217,000 cu.m. On the February 20, in the first of two naming ceremonies, the first four Q-Flex ships with a cargo carrying capacity of 217,000 m3, approximately 50 per cent larger than conventional ships and the largest ships currently chartered by RasGas were formally named by VIP sponsors.
LNG Market Poised for Massive Growth
There has been plenty of talk recently about the birth of a spot and short-term charter market for lng carriers. Indeed some LNGoperators have formed strategic alliances to prepare for these potentially new trades. However, R.S.Platou Shipbrokers of Norway believes that the volume of LNGtonnage currently on order could yet force some owners to work short-term deals by the end of this decade whether they like it or not. According to the broker’s statistics, some 60 new LNG carriers will have been ordered during this year and, by the end of November, the orderbook consisted of 104 vessels equivalent to about 80% of the existing fleet.
Shell to Manage Nakilat’s LNG Fleet
Qatar Gas Transport Company Ltd (Nakilat) has appointed Shell International Trading and Shipping Company Limited (Shell) to manage its fleet of at least 27 new LNG carriers in a 25-year deal. Under this arrangement it is expected that Operational Management will be transferred to Nakilat within 12 years. The agreement will involve Shell providing a range of shipping services to Nakilat including ship management as well as the transfer of know how and expertise to allow Nakilat to develop its own LNG Ship Management Company in Qatar, a news release said. This new fleet of LNG vessels, currently under construction, will be put into service over the next four years to transport product from four of Qatar's major LNG projects: Qatargas II (Train 5)…
Arctic Responsibilities Laid Out
Developments in Arctic resource recovery and transportation are providing the main focal point for many at NEVA and this year’s event in St Petersburg comes at a pivotal time for both the economic and ecological prospects of the region. Export shipments of LNG from the Yamal peninsula are due to start shortly, with the lead vessel of 15 in the ‘Yamal LNG fleet’ recently completing the first unaccompanied voyage by a gas carrier through the Northern Sea Route by way of prelude.
Nakilat Chooses Shell to Manage LNG Fleet
Qatar Gas Transport Company (Nakilat) has appointed Shell International Trading and Shipping Company Limited to manage its fleet of 27 new liquefied natural gas carriers in a 25-year deal, according to a report on www.gulfnews.com. Under the arrangement it is expected that operational management will be transferred to Nakilat within 12 years, the report said. Shell will provide a range of shipping services to Nakilat including ship management as well as the transfer of know-how and expertise to allow Nakilat to develop its own LNG ship management company in Qatar. This new fleet of LNG vessels, currently under construction, will be put into service over the next four years to transport gas from four of Qatar's major LNG projects: Qatargas II Qatargas 3 and…
$195 Million Bond Refinancing of LNG Tanker
Milbank represented Meridian Spirit ApS, as issuer, in a $195 million bond refinancing for its liquefied natural gas (LNG) tanker vessel, the Meridian Spirit. Meridian Spirit ApS is a special purpose company owned by Teekay LNG Partners LP and Marubeni Corporation. Moody’s rated the 17-year private placement Baa1 based on the Meridian Spirit’s charter with Total’s Norwegian subsidiary, which is ongoing up to 2030. Proceeds from the issuance will refinance a portion of the bridge debt that the two sponsors utilized when they acquired the six-vessel Maersk LNG fleet in February 2012. The Meridian Spirit was built by Korea’s Samsung Heavy Industries and has a storage capacity of 165,500 cubic meters of LNG.