BW LPG Sees Better Market Sentiment for 2018 vs 2017
Natural gas shipper BW LPG expects a better freight market in 2018 than in 2017 and will not make any new long term contracts below $20,000 per day for its very large gas carriers (VLGC), CEO Martin Ackerman said on Thursday.
Egyptian LNG Import Terminal Deal Finalized
Egypt finalized a deal with Norway's Hoegh LNG for a long-delayed liquefied natural gas import terminal on Monday that will eventually help the power-hungry country resolve a chronic energy shortage. However, the expected launch date for the floating storage and regasification unit was pushed back to the end of March, the latest in a series of delays over the past two years. Liquefied natural gas shipper Hoegh signed a five-year contract with Egypt's EGAS in Cairo at an event that included Egypt's oil minister and the Norwegian ambassador. The firm was initially looking to start up operations by the third quarter of 2014 but the project was delayed earlier this year. In September, the oil ministry said the terminal would be up and running by December.
MISC Boosts Reports Q4 Profit
Malaysian liquefied natural gas shipper MISC Bhd reported a 10 percent jump in fourth-quarter net profit on Monday, boosted by its heavy-engineering unit and offshore businesses. But the firm, a unit of state oil company Petronas, painted a tough outlook, saying its results could be hurt by record crude oil prices, which were pushing up its bunker fuel costs, and by weaker markets for both LNG and containers. The firm made net profit of $241m for the three months ended March 31, compared with $219.5m a year earlier, largely thanks to continued growth of its heavy-engineering unit, which makes oil rigs. Its core energy-related shipping business reported an 11 percent fall in annual operating profit. Source: Reuters
EXMAR Orders Fourth LNGRV
Exmar confirms a long-term charter party with Excelerate Energy LP, the liquefied natural gas shipper and marketers based in Woodlands, Texas, of a further liquefied natural gas regasification vessel (LNGRV). The vessel will be built by Daewoo Shipbuilding & Marine Engineering Co. Ltd (DSME) as DSME Hull No. 2254 and will be named the EXPLORER. The EXPLORER, the ownership of which will be a Exmar 80% / Excelerate Energy 20% joint venture, will be constructed using the membrane containment system together with Excelerate’s Energy Bridge™ technology and will have a capacity of approximately 150,900 m³ with delivery in the 1st quarter of 2008.
