In this issue

 

Our Asia-Pacific editor

Teekay LNG, the carrier owner with 31 vessels operating and 19 newbuilds awaited, has attended the launch at the Daewoo Shipbuilding and Marine Engineering shipyard in South Korea of its first ship for the Russian Yamal LNG project located in the Arctic region. 

The marine LNG fuel-gas-system manufacturing unit of Germany’s MAN Diesel and Turbo signed a contract with Sefine Shipyard in Turkey to deliver the equipment for an Italian ferry set to operate from 2018 on the route from Italy’s mainland to the island of Sicily. 

Gaztransport and Technigaz, the French maritime storage tank technology company, has received an order from Hyundai Heavy Industries of South Korea to equip a new LNG floating storage and regasification unit with its Mark III membrane containment system. 

Our North America editor in New York

Air Products of the US, the leading global supplier of LNG liquefaction equipment and technology, posted a 10 percent year-on-year fall in net income to $252 million in the first quarter of its fiscal year and said it was still in talks about taking over a Chinese company. 

Canadian ministers and provincial British Columbia officials had signed an agreement with native North American First Nations to give them a role in the planning and environmental monitoring of the Pacific NorthWest LNG project proposed by Petronas of Malaysia. 

Our North America editor in New York

The US Federal Energy Regulatory Commission, the permit provider for all LNG, pipeline and energy projects nationwide, has a new woman Chairman and member of the Democratic Party from Massachusetts. She was nominated to the post by President Donald Trump after incumbent Norman Bay resigned. 

Index is expected to be launched by second quarter for regional DES cargoes

Our Europe editor

Tullett Prebon, one of the world’s leading interdealer energy and commodities brokers, has signed an agreement with Singapore Exchange (SGX) to develop a spot pricing index for the Middle East and Indian liquefied natural gas cargoes to enhance price discovery and risk management. 

Our North America editor in New York

Magnolia LNG, the export project being developed in Lake Charles in Louisiana, has signed a preliminary supply contract with a company planning to bring the first import terminal on line on the east Coast of India. 

India said liquefied natural gas imports for the month of December declined to 1.40 million tonnes, though were still up by almost 20 percent in the fiscal year to date at 13.87 million tonnes. 

Our Asia-Pacific editor 

Japanese annual liquefied natural gas imports declined for a second year as shipments from the Middle East fell 13 percent and were offset by more cargoes from the Asia-Pacific region and the spot market. 

The North American fund management firm Parallel 49 Equity has completed the purchase of Kinetrex Energy, one of the leading liquefied natural gas fuel suppliers in the US Midwest. 

Our Asia-Pacific editor

Oil Search, the Australian-listed company with a stake in Papua New Guinea LNG and in feed-gas resources for a second project, said analysts were finalizing a resources review and indications are they have increased “significantly” from the initial certification seven years ago. 

Our North America editor in New York

The American Bureau of Shipping, the US classification society, has issued its latest report on LNG maritime fueling standards in regard to the design, construction and surveying of bunkering systems on board vessels. 

Our Asia-Pacific editor

Malaysia International Shipping Corp. is expanding and upgrading its liquefied natural gas carrier fleet, now numbering 26 ships, as state energy company Petronas extends its reach with overseas projects and a floating LNG plant in domestic waters. 

News Nudges

Cove Point LNG makes progress

The US Cove Point LNG export project in Maryland, owned by Dominion Energy, is almost 75 percent complete, according to the latest progress report filed with the Federal Energy Regulatory Commission. The existing import terminal on Chesapeake Bay is being transformed into a liquefaction plant and is scheduled to come on stream in 2018. “At the terminal, work continued on modifications to the existing plant in the areas of the jetty platforms and tie-in scope,” said Dominion. “Construction activities conducted during the January period included preliminary commissioning activities for new compressor units and associated equipment, final building completion activities, and earthwork for corrosion protection and electrical grounding,” it added.


Awilco LNG earnings

Awilco LNG, the small Norwegian fleet operator in the spot market, said the positive trend seen in the fourth quarter of 2016 persisted into 2017 as charter rates West of Suez further improved to $52,000 per day while East of Suez rates was reported at $38,000 per day. “Despite high activity and increasing spot market rates, the short-term and mid-term time charter rates have only slightly improved,” said Awilco as it reported lower full-year freight income of $34.8 million compared with $37.4M in 2015.


Golar raising market funds

Golar LNG, the global LNG fleet operator and floating storage and regasification unit specialist, is raising up to $400 million by selling a form of bond, Convertible Senior Notes due in 2022. Golar is offering $350M of the paper in a private placement to institutional buyers and with $52.5M added, depending on demand.