LNG featured news

LNG carrier to be converted to LNG bunkering vessel for Shell

Shell is adding yet another vessel to its LNG bunkering fleet. It has signed a contract with Rotterdam headquartered Anthony Veder that will see the 7,500 cu.m LNG carrier Coral Methane, which currently operates as a multipurpose vessel for Shell, modified to serve as an LNG bunkering vessel. The modification is the first of its kind and will entail integration of specific LNG bunker equipment into the vessel. Jan Valkier, CEO of Anthony Veder says: “We are proud to offer Shell this pioneering solution that once again emphasizes our expertise and continuous focus on safety and innovation. Furthermore, the modification project enables us to continue to build on our strong partnership with Shell and to drive sustainable change in our industry.” Modifications on the Coral Methane ...

Hyundai Heavy Wins Order for 5 VLOCs, Reaching 90% of Year’s Target

Hyundai Heavy Industries (HHI) announced on October 23 that the company received an additional order for five 325,000-ton very large ore carriers (VLOCs) from Polaris Shipping. This order was placed based on an option contract signed last month when HHI had landed an order for ten large ore carriers from the shipping company. As a result of the execution of the option, the total order swelled to 15 and the order amount increased to US$ 1.2 billion. Polaris Shipping placed this additional order as the shipping company recently signed a charter agreement with Vale, the world’s largest mining company. The ship is 340 meters long, 62 meters wide and 29.8 meters tall and will be built by Hyundai Samho Heavy Industries. In particular, “LNG ready” design is applied to the vessel to cope wit...

1st Ever Floating LNG Ship-to-Shore System Launched

As the LNG industry is looking at a new era in LNG distribution, Gas Natural Fenosa and Connect LNG have made the first ever floating LNG ship-to-shore system a reality. During the sea launch of the first full-scale Universal Transfer System (UTS) on October 7, the duo carried out a complete operation including transfer of LNG from Skangas’ LNG carrier Coral Energy to the onshore LNG terminal at Herøya, Norway. As informed, the time from finalization of the detailed design to successful hook-up of the terminal took less than six months. The solution was installed at the Herøya terminal one day after arriving from the dockyard and was in full operation the day after. According to the two companies, the design and fabrication of the UTS involved the highest safety standards, and the complete...

South Korea to boost LNG use in power production, transport to cut pollution

South Korea is looking to switch the coal-fired power plants currently under construction in the country to LNG-fueled turbines as it looks to cut down on pollution. According to a joint statement by South Korean ministry of trade industry and energy with the ministries of environment, transport and finance noted that the government is looking to reduce the fine dust emissions by 30 percent by 2022. To cut the emissions further, the government will provide incentives for people switching to more environmentally friendly fuels. This will also include scrapping some 2.2 million diesel-powered vehicles by 2022. According to the statement, four coal-fired power plants that are in the early stages of development will be switched to using liquefied natural gas (LNG) as fuel. The country has alre...

Hyundai Heavy Industries Signed $800 Million Order to Build 10 VLOCs with Polaris Shipping

Hyundai Heavy Industries (HHI), the world’s largest shipbuilder, announced today that it signed a $800 Million worth contract to build ten 325,000 dwt VLOCs (Very Large Ore Carrier) with Polaris Shipping, the domestic dry bulk owner and operator, on September 25. The contract is the largest single order in the last five years since Hyundai Heavy Industries received an order of ten large-sized containerships from a Greek shipping company in 2012. The signing ceremony held at HHI’s Seoul office, was attended by Ka Sam-hyun, COO of HHI Group Ship Sales Division; Chung Ki-sun, Executive Vice President of Corporate Planning Office of HHI; and Kim Wan-jung, CEO of Polaris Shipping. The ships, measuring 340m in length, 62m in width and 29.8m in height, will be designed as eco-friendly ships apply...

South Korea Eyes Looking to Build World’s Largest LNG-Fueled Ship

South Korea intends to launch a pilot project to build a 180,000 gross ton LNG-fueled vessel in an effort to reduce pollutants emitted from ships and promote environmentally friendly industries, the country’s Ministry of Oceans and Fisheries (MOF) informed. The ministry said it will collaborate with Korean shipyards, private/public companies and financial institutions to develop the new class of LNG-powered ships. In January, the South Korean government took a step forward in its efforts to make the domestic maritime sector compliant with the sulfur cap introduced by the International Maritime Organization (IMO). On September 26, MOF, the Ministry of Trade, Industry and Energy, POSCO, Korea Gas Corporation, Korea Development Bank, Korea Shipowners’ Association, LNG Bunkering Industrial Ass...

SHI Unveils LNG Regasification System for FSRUs

South Korea’s shipbuilder Samsung Heavy Industries (SHI) has developed a LNG regasification system for LNG floating storage regasification units (FSRUs). The system, called S-Regas(GI), utilizes glycol to regasify LNG into gas. It was presented to industry leaders on September 21. As SHI’s latest regasification achievement, following the direct sea water regasification system, S-Regas(GI) reduces chance of corrosion from traditional method of heating LNG directly with seawater, and is another energy efficient solution saving energy by 5%, the company informed. “In-house regasification system enables not only cost savings but also improvement in schedule and quality management, further enhancing SHI’s leadership in the LNG-FSRU market,” the builder said. “SHI will continue to lead market by...

Analyzing the LNG industry in BC as another company bails

Last week, another blow was delivered to BC’s LNG industry when the partners behind the $28 billion Aurora LNG project pulled the plug after four years of analysis. The setback is forcing many people to wonder, what is the future of liquefied natural gas in this province? NEWS 1130 put that question to an economist after the companies walked away from the project near Prince Rupert. Werner Antweiler with UBC’s Sauder School of Business wasn’t surprised when he heard the news that Nexen and its partners were dumping the project. He’s also not expecting projects on that scale to go ahead in the short-term given the low price of natural gas. “Clearly, LNG is facing an uphill struggle in British Columbia simply because the market has shifted. The price for LNG is down and that means many other...

ABS grants AIP to Hyundai Heavy Industries FLNG hull design

ABS, the leading provider of classification and technical services to the global offshore industry, has granted Approval in Principle (AIP) to Hyundai Heavy Industries (HHI) floating liquefied natural gas (FLNG) hull design, the company said in its press release. ABS and Hyundai Heavy Industries collaborated with the objective of developing a technically feasible and class compliant FLNG hull design, using the latest industry trends while maintaining high safety standards. The ABS AIP demonstrates the design substantially complies with Class and Regulatory requirements and minimizes risk to project schedules and safe operations, giving regulatory agencies and other key stakeholders confidence in the design. “ABS has a strong history of collaborating with the offshore industry to evaluate n...

Korea to Build 15 LNG Carriers for Russia

A Korean company has received a contract to build 15 ice-breaking LNG carriers for Russia, the President of South Korea Moon Jae-in said while speaking at the Eastern Economic Forum in Vladivostok on Thursday, September 7. The tankers are said to be intended for the transportation of liquified natural gas from the Yamal LNG project. However, the name of the shipyard entrusted with the construction was not revealed. “The Republic of Korea ranks first in the world when it comes to shipbuilding. Korea’s shipbuilding companies account for 64 percent of the total volume of large-capacity tankers. Thus, it would not be an overstatement to say that Korea has the world’s best technology,” Moon Jae-in said. Last month, Rusian shipping company Sovcomflot said that it had hired  South Korean shipbuil...

US DOE Pushing for Small-Scale LNG Exports

The US Department of Energy (DOE) has proposed a rule that will provide for faster approval of small-scale exports of natural gas, including liquefied natural gas (LNG), from US export facilities. The US small-scale LNG export market involves exports of small volumes of natural gas from the United States primarily to countries in the Caribbean, Central America, and South America. Many of the countries in these regions do not generate enough natural gas demand to support the economies of scale required to justify large volumes of LNG imports from large-scale LNG terminals via conventional LNG tankers. “The Trump Administration is focused on finding ways to unleash American energy and providing a reliable and environmentally friendly fuel to our trading partners who face unique energy infras...

HMM Launches USD 580 Mn Shopping Spree

South Korean shipping company Hyundai Merchant Marine (HMM) is moving forward with its plans to modernize fleet and has set sights on adding seven ships with options for five more. Specifically, HMM will acquire two large container vessels at a 10% lower price than the current market price as it eyes to bolster its fleet competitiveness. Hanjin Heavy Industries and Construction based in the Philippines has been hired for the job of building the ships. The price tag for the boxship pair totals USD 162 million. The company said that the two vessels are scheduled for delivery in May 2018 and are expected to be deployed on East Coast South America trade. “HMM bolsters its competitiveness through the early acquisition of fuel efficient & eco-friendly large container vessels at a lower price...

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