Fredriksen's Flex Raises $300 Mln for LNG Newbuilds
Flex LNG, controlled by Norwegian-born billionaire John Fredriksen, has raised $300 million in a private placement of shares to help pay for five new vessels costing $918 million, it said on Thursday.Fredriksen's companies typically add high-yield bond issues and bank loans at a later time to pay the cost not covered by share sales.When the vessels are delivered from the yards of South Korea's Daewoo (DSME) and Hyundai (HHI) in 2020 and 2021, Flex LNG will have a fleet of 13 ships, Flex said.Fredriksen himself bought shares for $100 million, cutting his overall stake in the firm to 44.6 percen
FLEX LNG Orders Five LNG Carrier Newbuilds
Flex LNG, the shipping company controlled by billionaire John Fredriksen, is entering into a transaction for the acquisition of five 5th generation LNG newbuildings comprising three MEGI LNG carriers and two X-DF LNG carriers.According to a release from the shipping company, that owns and operates LNG carriers, and floating storage and regasification units, the MEGI LNG carriers are currently under construction at Daewoo Shipbuilding and Marine Engineering Co. Ltd. (DSME) with…
Kalleklev Takes Over as CEO of FLEX LNG
Liquefied natural gas (LNG) carrier owner and operator FLEX LNG has appointed Øystein M. Kalleklev as Chief Executive Officer to replace Jonathon Cook, who resigned in May.Kalleklevm, who has served as Chief Financial Officer of Flex LNG since October 2017, will continue to serve as CFO until a replacement is found.Additionally, Marius Foss has joined the company as Head of Commercial. Foss comes from a similar role at Golar LNG.
Flex LNG Charters New LNG Carrier to Enel
Flex LNG , a global shipping company specializing in the ownership of LNG carriers, announced that through a separate wholly-owned subsidiary, it has entered into a time-charter agreement with Enel Trade, a company of the Enel Group, a multinational power company and one of the world's leading integrated electricity and gas operators. The time charter period of 12 months will commence during the second half of 2019. Enel also has the option to extend the contract by an additional 12 months subsequent to the firm period.
FLEX LNG Sings TC for First LNGC Newbuilding
FLEX LNG announced that it has entered into a time-charter contract for the LNG carrier newbuilding, Flex Endeavour, to Uniper Global Commodities, a leading international energy company with operations in more than 40 countries, and headquarter in Germany. Flex Endeavour is a state-of-the-art 173,400 m3 cargo capacity LNG carrier equipped with the new high efficiency MEGI propulsion system. The Vessel is currently under construction at DSME, South Korea. The time charter period is for 15 to 18 months commencing immediately upon the delivery from the shipyard in January 2018.
Nakilat, Shell Completes First Phase of LNG Carrier Management Transition
Nakilat Shipping Qatar Limited (NSQL) a wholly owned subsidiary of Nakilat and Shell International Trading and Shipping Company Limited (Shell), have completed the first phase of what will be the world’s largest management transition of LNG carriers. The Q-Max LNG carrier Al Mafyar was the 10th vessel to transition from Shell to NSQL management in 10 months, bringing about the successful completion of the first phase. Al Mayfar is wholly-owned by Nakilat and chartered by Qatargas, with a cargo capacity of 266,370 cubic meters.
Nakilat Takes LNG Carrier In-House
Qatar Gas Transport Company (Nakilat) has assumed full ship management and operations of Q-Flex LNG carrier Al Sheehaniya from STASCo (Shell Trading and Shipping Company) with effect from 6 July 2017, as part of the planned and phased transition announced on 19th October 2016. With a cargo carrying capacity of 210,200 cubic meters, Al Sheehaniya is wholly-owned by Nakilat and chartered by Qatargas. The vessel built in South Korea by Daewoo Shipbuilding & Marine Engineering was delivered in February 2009 and has been in service ever since.
Nakilat Transitions LNG Mesaimeer to In-house Management
Nakilat has assumed full ship management and operations of Q-Flex LNG carrier Mesaimeer from STASCo (Shell Trading and Shipping Company Ltd.) with effect from March 23, 2017, as part of the planned and phased transition announced on October 19, 2016. With a cargo carrying capacity of 216,312 cubic meters, Mesaimeer is wholly-owned by Nakilat and chartered by Qatargas. The vessel built in South Korea by Hyundai Heavy Industries was delivered in March 2009 and has been in service ever since.
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…
Qatargas, RWE Ink SPA Deal for LNG Deliveries
Qatargas, the World’s Premier LNG Company, today announced a flexible Sale and Purchase Agreement (SPA) with RWE Supply Trading (RWEST), a leading European electricity and gas company. Qatargas will deliver up to 1.1 million tonnes of Liquefied Natural Gas (LNG) per annum to RWEST in North West Europe for seven and a half years. Saad Sherida Al-Kaabi, Qatar Petroleum President and Chief Executive Officer and Chairman of Qatargas Board of Directors, said: “Qatargas is committed to providing reliable, clean energy to consumers all over the world.
Qatargas in 4-Year Deal to Supply LNG to Kuwait
Qatargas and Kuwait Petroleum Corporation (KPC) have signed a deal to supply half a million tonnes of liquefied natural gas (LNG) to Kuwait over the next four years, according to a report. The LNG will be sourced from Qatargas 2, a joint venture among Qatar Petroleum, ExxonMobil and Total which started production in 2009, and will be delivered onboard Q-Flex LNG Vessels, chartered by Qatargas, to KPC’s Mina al-Ahmadi LNG receiving terminal in Kuwait. Qatargas has supplied Kuwait with most of its LNG requirements for the last five years…
Qatar Petroleum Delivers 500th LNG Cargo UK
Qatar Petroleum (QP) has announced the delivery of the 500th liquefied natural gas (LNG) cargo from QP affiliate Qatar Liquefied Gas Company (2) to the South Hook LNG Terminal at Milford Haven in the United Kingdom. The landmark delivery, on Thursday March 24th, was made on board the Q-Flex LNG vessel Al-Hamla. Mr. Saad Sherida Al-Kaabi, the President and CEO of Qatar Petroleum, described the delivery as “another significant achievement for Qatar’s LNG industry”. Mr. Al-Kaabi…
FLEX Acquires LNG Assets from EXMAR
Nicolas Saverys-led Exmar has agreed to integrate its LNG assets and infrastructure with those of John Fredriksen’s Geveran and Flex LNG under a new USD 2.3 billion company – Exmar LNG Ltd. Belgian liquefied natural gas (LNG) carrier owner and operator Exmar and Geveran will pool their LNG assets and infrastructure under Flex LNG, in exchange for new shares in Flex LNG. Following the transaction, Exmar have a stake of 64.6 percent in Flex LNG, while Gerevan sits at 30.7 percent of the shares. The trade is however conditional upon the approval of both governments and third parties.
ABS Forms Global Gas Solutions Team
Classification society ABS said it has taken another step to meet industry needs with the formation of the ABS Global Gas Solutions Team to leverage the organization's LNG and LPG capabilities. This group of experienced gas professionals will work alongside owners, shipyards and equipment manufacturers to provide an extensive range of services to this growing market. "The discovery of new gas resources around the world and the exciting potential for wide-scale adoption of gas as a marine fuel are leading to a dynamic shift in the global marketplace," says ABS Chairman and CEO Christopher J.
Shipbuilding Order Dispute to the Tune of US$300-million
"As previously announced, FLEX LNG considers the four shipbuilding contracts and the EPCIC that were entered into with SHI in 2008, to have been abandoned. FLEX LNG has requested that SHI repays a net amount in excess of USD 300 million and appropriate actions are being taken to secure the repayment of the said funds. In response to FLEX LNG's actions, SHI has recently maintained that it has no obligation to repay any funds and, as was expected, on 05 March 2013 SHI purported to terminate the aforementioned contracts.