Schulte Group Buys LNG Specialist PRONAV
Hamburg shipowning and management group Bernhard Schulte has signed a contract for the acquisition of 100% of the shares in the prestigious LNG ship manager PRONAV - subject to merger approval of the German Federal Cartel Office (Bundeskartellamt). The worldwide operating Schulte Group owns about 100 vessels (mainly container, tanker, bulker) and manages 600 vessels in all segments. PRONAV, based in Hamburg, is an internationally renowned ship manager specialized in large LNG tonnage.
Socgen Joins SEA\LNG
French multinational banking and financial services company Societe Generale (Socgen) has joined SEA\LNG, the industry coalition promoting the use of liquefied natural gas (LNG) as a marine fuel. The bank is the first financial institution to join SEA\LNG. Joining a growing band of industry leaders from across the LNG value chain, Societe Generale brings an essential financial perspective to the group which aims to accelerate the uptake of LNG as a marine fuel. Paul Taylor, Global Head of Shipping Finance…
GasLog: New Shipbuilding Order with SHI
GasLog , an international owner, operator and manager of liquefied natural gas (LNG) carriers, has announces that it has ordered a newbuild 180,000 cubic meter vessel with XDF propulsion from Samsung Heavy Industries (SHI) that is scheduled to deliver in the third quarter of 2019. This vessel is currently unchartered but its early delivery means that it is expected to deliver into a strong LNG shipping market. Paul Wogan, Chief Executive Officer of GasLog Ltd., commented, "I am very pleased to announce this expansion in our fleet.
Andreas Silcher Negotiates LNG Carrier Contracts
Partner Andreas Silcher in Haynes and Boone’s London office represented TMS Cardiff Gas in its contract with Hyundai Heavy Industries of Korea (HHI) for the construction of one 174,000 cubic meter LNG carrier with XDF propulsion, plus an option for a second vessel. In a press release, TMS Cardiff Gas called the order the first in the company’s X Carrier Series of orders, which expands the company’s fleet of managed vessels to 10. The vessel is scheduled for delivery in 2020, when she will enter into a seven-year time charter contract with TOTAL Gas & Power Chartering, Limited.
PSA Marine to Provide LNG FSRU Services in Bangladesh
Summit Power International (SPI), Singapore, announced that its subsidiary, Summit LNG Terminal has awarded a 15-year contract to PSA Marine Bangladesh, a subsidiary of PSA Marine. Under the contract, PSA Marine Bangladesh will provide berthing, mooring, pilot and personnel transfer services to LNG ships calling at Summit LNG FSRU terminal, with its three escort tugboats, one fast crew boat and one offshore supply vessel. The award of this contract marks a significant milestone for PSA Marine and commencement of a long-term partnership with SPI.
LNG Ship Sails off Shipyard
According to Xinhua, China's first liquefied natural gas(LNG) ship sailed off shipyard Wednesday in Shanghai, marking China's shipbuilding industry stepping into a new era. Sources from the China State Shipbuilding Corp (CSSC) said the LNG ship was built by CSSC's Shanghai subsidiary, the Hudong-Zhonghua shipbuilding (Group) Co Ltd, which fills a blank in China's shipbuilding history. The LNG ship is regarded a high-tech product with high-added value in the shipbuilding industry, which can only be built in Japan, the Republic of Korea and several European countries. To share a cake of the global market, China input more than 100million yuan on the research of the LNG ship in the past years andmake effective its first contract for LNG vessels in August, 2004.
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.
China's first LNG Ship Sets Sails
China's first liquefied natural gas (LNG) ship sailed out of the shipyard in Shanghai, marking China's shipbuilding industry stepping into a new era, according to a report on www.chinadaily.com. Sources from the China State Shipbuilding Corp (CSSC) said the LNG ship was built by CSSC's Shanghai subsidiary, the Hudong-Zhonghua shipbuilding (Group) Co Ltd. China reportedly has invested more than 100million yuan on the research of the LNG ship in recent years. The first 147,200 cu. m. LNG ship, 292 x 43.4 m is scheduled to go into operation in October 2007, the shipyard reported. (Source: www.chinadaily.com)
China to Deliver LNG Ship
According to Xinhua said that the first liquefied natural gas (LNG) ship made in China will be delivered in September. With a capacity of 47,200 cubic meters is under construction by the Hudong-Zhonghua Shipbuilding, a subsidiary of the China State Shipbuilding Corporation (CSSC), China's top and the world's third largest shipping group. Another four such LNG vessels also under construction would be delivered in the end of this year while the research and development for LNG ships with a capacity of 200,000 cubic meters is underway, sources with the CSSC said.
Malaysia's Petronas to Buy its Own Newbuild LNG Ships
Petronas says that as part of its strategy to optimise the value of its liquefied natural gas (LNG) business, it has decided to directly procure newbuild LNG ships to meet its LNG transportation requirements. The move will allow Petronas to have direct access to LNG shipping capacity at the lowest possible costs. The company adds that they will be engaging MISC Bhd to provide Project Management and Technical Consultancy services for the construction of the new LNG ships, given MISC’s extensive experience and expertise in the LNG shipping sector and familiarity with Petronas’ business needs. Petronas was incorporated on 17 August 1974 as the national oil company of Malaysia, vested with the entire ownership and control of the petroleum resources in the country.
LR Report: 75 New LNG Ships for the U.S.
Lloyd's Register (LR) released the results of its extensive research into the LNG market. Talking at the LNG conference The role of LNG in North American and Caribbean gas supply in Washington D.C., LR said that between 27 and 75 new LNG ships will be needed to meet the demand for LNG over the next decade in the US market alone. Many factors have been considered by LR in its forecast of the LNG market, including consideration of replacement of ageing existing ships, take-up of excess capacity at existing import terminals and a rash of new import terminal projects that are likely to succeed. The US market finds itself short of energy. Gas is the clean burning fuel-of-choice for the electricity-generating plants mooted for construction in the US over the next decade.
LNG Carrier Cool-down by SLNG a First
Singapore LNG Corporation (SLNG) has performed its first vessel cool-down service, following an agreement signed with Malaysian shipping company MISC. This is the first agreement for vessel cool-down services that SLNG has entered into, and the first cool-down was performed on one of MISC's LNG ships, the Seri Bakti. SLNG began commercial operations on May 7, 2013 and has since been providing throughput services for LNG ships transporting LNG in tanks under cryogenic temperatures (around -160C). 'Cool-down' is an operation to pre-cool cargo tanks and lines required before taking on cryogenic LNG. Cargo tank cool down is carried out by spraying LNG through the spray nozzles of each cargo tank, using LNG received from the shore terminal.
LNG Shipping Rates to Remain Under Pressure in 2016
LNG shipping earnings will remain under pressure in 2016 as accelerating fleet growth and changing trade patterns will weaken supply-demand conditions, according to the latest edition of the LNG Forecaster report published by global shipping consultancy Drewry. LNG vessel fleet growth is forecast to double this year to 12 percent, compared to 6 percent in 2015. Meanwhile, as new sources of LNG supply kick in from projects coming online in Australia, demand for spot cargoes from the Middle East are expected to weaken which will adversely affect overall tonne mile demand for LNG shipping. The final quarter of 2015 was disappointing for LNG shipowners, despite a seasonal uplift in demand for winter fuels.
NYK to Jointly Own LNG Carrier for Cameron Project
NYK, the Mitsubishi Corporation (MC), Toho LNG Shipping Co., Ltd. (Toho LNG Shipping), and Tohoku Electric Power Co., Inc. (Tohoku Electric Power) will participate in the joint ownership of a new liquefied natural gas (LNG) vessel for the Cameron LNG project in the U.S. through the jointly owned company Diamond LNG Shipping 3 Pte. Ltd. (DLS-3). In December 2015, MC reached agreement on a shipbuilding contract with MI LNG Company Limited in addition to a heads of agreement for time-charter party with Diamond Gas International Pte.
SUEZ to Bring U.S. Crew on Board
SUEZ LNG NA LLC (SUEZ) announced that the LNG ship SUEZ Matthew has become the first liquefied natural gas(LNG) vessel in recent history calling on United States ports to begin utilizing U.S. mariners onboard. This development represents the early implementation of an agreement with MarAd to provide job opportunities for U.S. mariners on all SUEZ LNG NA vessels within the next five years. SUEZ was the first company in the industry to enter into an agreement with the MarAd in December 2006 to assist in fulfilling its desire to create opportunities for U.S. mariners in LNG shipping, where the international (privately owned) LNG shipping fleet is growing at a rate of 15-20% per year. Today, all LNG ships worldwide are flagged under non-U.S. countries.
Drewry Forecasts LNG Trade Growth to Continue for the Next Decade
London, UK, November 24 2003: Drewry Shipping Consultants, the world’s leading maritime consultants, today announced that its latest report, “LNG Shipping Market Review 2003/04” is now available to purchase. The latest in Drewry’s series of annual reports provides an independent and detailed assessment of the LNG shipping market that has been experiencing discrete, yet substantial, growth since the turn of the century. The report identifies which market trends have been contributing towards this considerable growth and what will enable the market to sustain it. Various factors apply but, since the turn of the century, there has been…
S. Korean Shipyards Forecast to Win Most LNG Carrier Orders
South Korean shipbuilders are expected to win the bulk of global orders for liquefied natural gas (LNG) carriers this year thanks to their capabilities to build such ships, industry sources said Wednesday. The country's three shipbuilders -- Daewoo Shipbuilding & Marine Engineering Co., Samsung Heavy Industries Co. and STX Shipbuilding Co.-- have clinched the world's 12 LNG ship orders placed this year, they said. Samsung Heavy Industries has received orders for six LNG carriers so far this year, followed by Daewoo with five orders and STX with one. About 40 to 60 LNG ships are expected to be ordered worldwide this year by countries such as Nigeria, Angola, Spain and Australia, according to the sources.
ABG Ties Up with GTT for LNG Technology
ABG Shipyard Ltd has tied up with Gaztransport and Technigaz (GTT) of France for the maritime transportation and storage of liquefied natural gas (LNG), reports Livemint. With this pact, ABG has become the third Indian company to secure technology collaboration to build LNG carriers. The Shipyard is preparing for a tender set to be issued by GAIL (India) Ltd for hiring nine new LNG ships that will haul gas from the US from December 2017. “We have signed an agreement with GTT for technology transfer for building LNG ships,” a spokesman for ABG Shipyard said.
Shipnet Supplies K Line LNG Shipping
ShipNet has been selected by K Line LNG Shipping (UK) Ltd to replace their Safety and Document Management solutions, sub-sections of ShipNet’s Marine ERP, onboard their eight LNG carriers and ashore. K Line LNG Shipping’s decision was based on finding a provider who could cover all their safety reporting and document management requirements, combined with user friendly functionality and reliable replication ship to shore. (www.shipnet.no)
Mitsui Procuring 8 LNG Vessels
President and CEO, Masami Iijima of Mitsui & Co., Ltd. informed that the compnay is currently proceeding with the procurement of eight LNG ships intended to be used for the delivery of LNG mainly to its customers in Japan from the Cameron LNG Export Project in the U.S.A. On September 26, 2014, Mitsui signed time charter parties for five of the above eight ships for a total maximum charter hire amount of approximately 400 billion Japanese yen. Additionally, Mitsui is preparing to conclude time charter parties for the remaining 3 ships.
LNG Shipping Under Threat from Cargo Diversions
If Asian buyers continue to divert their contracted supply from the US towards Europe and Latin America, it will reduce demand for LNG vessels in the long term by cutting down on long-haul trade, according to the latest edition of the LNG Forecaster report published by global shipping consultancy Drewry. Drewry has been maintaining a bullish long-term outlook for LNG shipping for quite some time and expects rates to improve substantially from 2018 onwards. One of the major reasons for this outlook is the expansion in US LNG supply.
LNG Market Needs More Vessels than Currently on Order
Despite the current weakness in LNG shipping rates, Drewry maintains its bullish long-term outlook for LNG shipping and believes that the market will require more vessels than listed on the current orderbook, according to the latest edition of the LNG Forecaster report published by global shipping consultancy Drewry. Spot rates for dual fuel diesel electric LNG vessels have been hovering around $30,000 per day since the second quarter of last year, representing a decline of 80% compared to the last market peak in 2012.
Daewoo Sees Strong LNG Ship Orders
According a report from Reuters, South Korea's Daewoo Shipbuilding & Marine Engineering believes a loss of nuclear capacity in Japan will further boost a nascent recovery in liquefied natural gas (LNG) ship orders. Daewoo shares have risen more than 8% since the March 11 earthquake as Japan's anticipated increase in demand brews hopes for rising LNG ship orders, say analysts, while the overall market has risen 6% percent in the same period. (Source: Reuters)