LNG featured news

Hyundai Vinashin Tied to USD 160 Mn Tanker Deals

Vietnam-based Hyundai-Vinashin Shipyard, a joint venture between Hyundai Heavy Industries and Vietnam Shipbuilding Industry Corporation, has reportedly secured five tanker orders over the past week from three Japanese shipowners. Namely, Fukujin Kisen and Masumoto Shipping are linked to an order for two 50,000 DWT tankers at the yard respectively, a weekly report from Intermodal Research shows. Fukujin Kisen already has three MR2 tankers on order at the yard, according to the data from VesselsValue. Boasting 50,000 in DWT, two of the company’s MR2 newbuilds are scheduled for completion in 2018, and one in 2019. Furthermore, a third Japanese shipping company, Hisamoto Kisen is said to have joined the ordering spree at Hyundai Vinashin booking a 50,000 DWT tanker. Priced at USD 32 million ea...

Maran Tankers Orders VLCC Quartet at DSME

Maran Tankers Management, part of Greek shipping major Angelicoussis Shipping Group, has returned to South Korean shipbuilder Daewoo Shipbuilding and Marine Engineering (DSME) for four additional very large crude carriers (VLCC). The four 318,000-ton VLCC, featuring 336 meters in length and 60 meters in width, will feature the same specifications as those three ordered in April, DSME said. In addition, the newbuilds will comply with the latest IMO environmental regulations, according to DSME, which plans to install high-efficiency engines and the latest fuel-saving technologies in the ships. The value of the deal was not disclosed, however, Angelicoussis paid around USD 80 million per VLCC in his previous order, which is likely the price tag for the latest fleet additions. Angelicoussis Sh...

KHI’s New LNG Tank Design to Expand Carrying Capacity

Houston-based classification society ABS granted Approval in Principle (AIP) for a new MOSS-type LNG tank design concept developed by Japan’s Kawasaki Heavy Industries (KHI). According to KHI, the non-spherical design concept allows Panamax-size LNG carriers to expand their total carrying capacity to 180,000m³, a 25,000m³ volume increase when compared to using spherical tanks. The new concept adds 15% more carrying capacity while maintaining the size of the new Panamax tankers. Designated as an IMO Type B independent tank, this concept takes a new approach by applying a non-spherical tank design to increase the use of space on board an LNG carrier. “KHI’s concept applies the latest technologies, introducing new efficiencies and innovations that promote a safer and more sustainable shipping...

BP Shipping Chooses Goltens to Retrofit BWT Systems on LNG Carriers

BP Shipping has awarded a contract to Goltens for the engineering and retrofit installation of OceanSaver ballast water treatment (BWT) systems on board two of the shipping company’s gas carriers. The LNG carriers to be retrofitted are the 138,000 cbm British Innovator and British Merchant, built at South Korean Samsung Heavy Industries (SHI) shipyard in 2002 and 2003, respectively. Under the deal, Goltens, a service organization providing shipowners support for their BWT system retrofit projects, will undertake the engineering and prefabrication work in 2017 and then complete the installation services in 2018. BP Shipping manages a fleet of 49 vessels, including VLCC, Suezmax, Aframax, MR Handysize, VLGC and LNG carriers, the company’s data shows. Norway-based OceanSaver is one of the fou...

Samsung Heavy Industries Succeeds in Building World’s largest FLNG

Samsung Heavy Industries has succeeded in completing the world’s largest floating liquefied natural gas (FLNG), which is longer than four soccer fields laid end-to-end, writing a new history of the global offshore plant industry. The company announced on June 29 that it has completed the building of Prelude FLNG, which is 488 meters long and 74 meters wide. Samsung Heavy Industries  had won the Prelude FLNG project from global energy firm Royal Dutch Shell in 2011 at the cost of US$3.4 billion (3.89 trillion won) by forming a consortium with France’s engineering firm Technip. The Prelude FLNG left Samsung Heavy’s Geoje shipyard earlier in the day for use off waters near the Prelude gas field in the Browse LNG Basin, about 475 kilometers north-east of Broome in Australia. ...

ExxonMobil, Eagle LNG & Crowley to Develop LNG as Marine Fuel

ExxonMobil, Eagle LNG Partners and Crowley have signed an agreement to collaborate on the development of LNG as a marine fuel. The companies said that the goal of the collaboration is to establish the storage and technical support necessary to provide “safe, reliable LNG delivery for vessel operators bunkering in North America.” The three companies signed a Memorandum of Understanding (MoU) on June 27, 2017, and they will initially focus their efforts in Florida before expanding to other North American markets. Under the terms of the deal, ExxonMobil will provide its technical support and expertise to help the parties carry out safe bunkering operations and sell LNG bunker fuel to vessel operators. Eagle LNG Partners will supply the LNG and will design, build and operate small-scale produc...

Korea Line Clinches LNG Shipping Deal from KOGAS

Korean shipping major Korea Line Corporation (KLC) has secured a KRW 1.27 trillion (USD 1.1 billion) contract to transport liquefied natural gas (LNG) for its compatriot Korea Gas Corporation (KOGAS). Under the 20-year deal, signed on June 23, the company said that it would transport the cargo through May 30, 2037. The long-term contract would see Korea Line deploy two of its new LNG carriers to ship the cargo between Sabine Pass LNG terminal in the US and Korea, according to the company’s stock exchange filing. The company took delivery of the LNG carrier duo, the SM Eagle and the SM Seahawk, in April and May 2017, respectively. According to data provided by VesselsValue, the 174,000 dwt ships, built by Daewoo Shipbuilding & Marine Engineering, have a market value of around USD 199 mi...

Hyundai Heavy Industries Completes Real-size LNG Vessel Demonstration Facility

Hyundai Heavy Industries (HHI) shows its advanced technologies in liquefied natural gas (LNG) vessels which expand the market due to stricter environment regulations. The company announced on June 19 that it recently completed “total LNG vessel demonstration facility,” which allows customers to directly verify performance and safety of core facilities of LNG ships, for the first time in the shipbuilding industry at the headquarters in Ulsan. Hyundai Heavy Industries (HHI)  set up a 25MW LNG fuel supply system demonstration facility in 2012 and added an 85MW demonstration facility in 2015. In addition, the company built a LNG regasification system demonstration facility this year, completing the total demonstration facility for LNG vessels. The company is the only shipbuilding company that ...

HSHI and IMM Private Equity Agree to Increase Pre-IPO Investment to KRW 400 Billion

Hyundai Samho Heavy Industries (HSHI), a shipbuilding affiliate of Hyundai Heavy Industries (HHI), announced today it and IMM Private Equity, a leading Korean private equity firm, agreed to increase the pre-IPO investment to KRW (hereinafter ‘won’)  400 billion.   In April this year, HSHI and IMM Private Equity signed an agreement under which, HSHI will issue 5.36 million new convertible preferred shares and IMM Private Equity will pay 300 billion won in total to acquire the shares at 56,000 won per share.   It is reported that IMM Private Equity suggested increasing the investment in view of an array of investment inquiries it got from institutional investors after the April pre-IPO investment announcement. IMM Private Equity that already secured 50 billion won plans to acquire ...

Diplomatic Spat in the Middle East Has East Asia Worried

Is the Diplomatic spat of major Arab countries with Qatar spreading to East Asia? Most main customers of Qatari liquefied natural gas concentrated in Asia. If the geopolitical problem in the Middle East continues for a long time, there is a possibility of LNG prices to go up. On June 5, the eight Middle Eastern and North African countries including Saudi Arabia, Bahrain, and the United Arab Emirates declared that they would sever ties with Qatar over support for terrorist organizations. The total volume of LNG exported by Qatar last year was 77.2 million tons, accounting for a third of the world’s supply. Of this, the share exported to Asia is 65.3 percent. In Asia, Taiwan and India rely more than 50 percent of LNG on Qatar. As for China, it’s LNG import from Qatar is second in...

World’s first ice-breaking LNG ship ready for sail after christening d in Russia

The world’s first ice-breaking LNG carrier successfully berthed at the port of St. Petersburg, Russia on Saturday with a naming ceremony, declaring a new era of using the high-latitude route as an economically feasible transport corridor for large-capacity vessels. South Korea’s Daewoo Shipbuilding & Marine Engineering (DSME) announced on Sunday the naming ceremony was attended by Russian President Vladimir Putin, South Korea’s Ambassador to Russia Park Ro-byug and DSME chief executive Jung Sung-leep among others. Putin said in his address that “the vessel has opened the possibility of navigating through the Arctic route that had long been considered vague. It will contribute greatly to the development of the energy industry not only in Russia and Europe but also around the world.” The...

Hyundai Samho Heavy to Set up Joint Venture in Russia

Hyundai Samho Heavy Industries will set up a joint venture in Russia. The company announced on June 4 that it signed a technical support agreement with Russian shipyard Zvezda Shipbuilding to provide services such as technological expertise to Zvezda-Hyundai at the Saint Petersburg International Economic Forum (SPIEF) in Russia on the 2nd. The signing ceremony was attended by Ka Sam-hyun, head of the ship sales division at Hyundai Heavy Industries, Igor Sechin, CEO of Russia’s state-run Rosneft and Ambassador to Russia Park Ro-byug. Under the technical support agreement, Hyundai Samho will provide support in the ship design, marketing, personnel and training areas to Zvezda-Hyundai. Zvezda-Hyundai is a newly created joint venture in the ship engineering and project management sector which ...

Lost Password

Register

Skip to toolbar