Rising Ship Supply Eases LNG Charter Rates
Limited availability drove LNG shipping rates to highs; but prices now falling as more ship supply becomes available.Inflated spot charter rates for liquefied natural gas (LNG) tankers are easing as more ships becoming available, which could help increase LNG trade if Asian demand rises in coming months.LNG charter rates are a key component of spot LNG trade, dictating the way the super-cooled gas is transported. Charter rates usually follow the price of LNG, which has fallen since September due to sluggish demand from Asian buyers.Rates have remained high for most of this year…
LNG Carrier CESI Lianyungang Delivered
Mitsui O.S.K. Lines (MOL) announced the delivery of the LNG carrier CESI Lianyungang, which was ordered by the joint venture of China COSCO Shipping Corporation Limited (CCSC) and China Petroleum & Chemical Corporation (SINOPEC), at Hudong-Zhonghua Shipbuilding (Hudong) on May 31. The CESI Lianyungang is the sixth vessel in the China LNG Transportation Project announced in April 2013, and will sail under a long-term charter transporting LNG that SINOPEC purchases from the Australia Pacific LNG Project.
LNG Carrier CESI Tianjin Delivered for SINOPEC LNG Project
Mitsui O.S.K. Lines (MOL) announced that the LNG carrier CESI Tianjin, which was ordered by the joint venture of MOL, China COSCO Shipping Corporation Limited (China COSCO Shipping) and China Petroleum & Chemical Corporation (SINOPEC), was delivered at Hudong-Zhonghua Shipbuilding (Group) Co., Ltd. (Hudong) on September 26. The CESI Tianjin is the fourth vessel to serve the LNG transport project for SINOPEC announced in April 2013, and will sail under a long-term charter contract to transport LNG that SINOPEC will purchase from the Australia Pacific LNG Project.
Pressure Steady on LNG Shipping Rates -Drewry
LNG shipowners will have to wait until 2018 for earnings to improve, when the majority of new US plants are expected to come online, according to the latest edition of the LNG Forecaster report published by global shipping consultancy Drewry. The first quarter of 2016 was no better than the previous quarter for LNG shipowners as spot rates remained low at around $30,000pd. Two new liquefaction plants, Australia Pacific LNG (APLNG) in Australia and Sabine Pass LNG in the US, began operations in the first quarter of 2016.
Sinopec Rolls Out Beihai LNG-import Terminal
China Petroleum and Chemical Corp (Sinopec) has taken delivery of the first LNG cargo at its new terminal at Beihai City in Guangxi Zhuang, with the arrival yesterday of the LNG carrier Methane Spirit, delivering a cargo from ConocoPhillips-operated Australia Pacific LNG (APLNG)project in Australia. The cargo was delivered onboard the 160,000 cbm Methane Spirit LNG carrier, Sinopec said. Located in Guangxi Zhuang autonomous region, the facility is the second of five LNG terminals…
Cheniere Delays First LNG Shipment from Sabine Pass Terminal
The Sabine Pass liquefied natural gas (LNG) terminal will ship its first cargo later than initially thought, according to an announcement by Cheniere Energy Partners LP. The Houston-based company now forecasts that its first shipment will not leave its Sabine Pass plant until late February or March 2016, a slip from a planned January departure. Construction of the first liquefaction train at the terminal was completed ahead of schedule, Cheniere said, but the firm said that new instrumentation issues discovered during commissioning will take several weeks to address.
APLNG Ships First LNG Cargo from Australian Megaproject
The first cargo of liquefied natural gas has sailed from the mammoth Australia Pacific LNG (APLNG) facility in Queensland, following a delay of at least two weeks with another carrier waiting to be loaded. The startup of the APLNG project comes after a slight delay. APLNG had earlier announced that it expected the first cargo to be exported by the end of 2015. The shipment, carried on the 935-foot tanker Methane Spirit and bound for customers in Asia, is among the first in a wave…
Carrier for Kansai Electric Power Named LNG FUKUROKUJU
Mitsui O.S.K. Lines, Ltd. today took part in a naming ceremony for the newbuilding liquefied natural gas carrier LNG FUKUROKUJU, which is co-owned by MOL and Kansai Electric Power Co., Inc. at Sakaide Works of Kawasaki Heavy Industries, Ltd. Among the many guests on hand were KEPCO President and Director Yagi, who named the new vessel, and his wife, who cut the rope. The LNG FUKUROKUJU will serve a broad range of projects including the Australia/Pacific LNG Project after the delivery.
Australia Pacific LNG Reaches Curtis Island
Australia Pacific LNG today announced it had reached a significant milestone with the arrival of first gas from its coal seam gas fields in the Surat Basin to its liquefied natural gas (LNG) facility on Curtis Island, near Gladstone, Queensland. The arrival of the first gas into the LNG facility also marks the completion of commissioning of the 530km high pressure gas pipeline, another important milestone for the project. With the completion of the pipeline and the arrival of the gas, Australia Pacific LNG can initiate the commissioning of the power generation facilities on the island.
Bechtel, Union Avert Aussie LNG Construction Delays
Engineering giant Bechtel Corp reached a new workplace agreement on Friday with construction workers, averting strikes that could have delayed the start-up of three liquefied natural gas (LNG) plants it is building on Australia's east coast. Bechtel is building $62 billion worth of LNG plants on Curtis Island off the state of Queensland, where the Construction, Forestry, Mining and Energy Union (CFMEU) approved a new pay and work schedule deal after rejecting two earlier offers.