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LNG Shipping under pressure from tumbling European re-exports

 According to Drewry Maritime Research, LNG shipping freight rates continue to be under pressure from weak Asian demand and a growing fleet.Shipowners are now pinning hopes on a revival in European demand. However, European LNG demand growth will not be sufficient to raise freight rates, according to the newly launched LNG Forecaster report published by global shipping consultancy Drewry.Until the recent fall in oil prices, Asian LNG prices were at a premium compared to piped gas prices in Europe. European traders therefore preferred to re-export cargoes to more profitable Asian markets (see figure below). This helped to create substantial shipping demand as vessels found employment on both legs of the trade, first in import and then in re-export. However, as Asian demand has weakened, the price differential between Asian LNG and European piped gas has eroded, which has hit re-exports from Europe. Spain, the biggest re-exporter from Europe, shipped 1.3 million tonnes of LNG during the first eight months of the current year, down 40% over the same period last year.But can Europe be the game changer? The recent fall in oil prices has made LNG competitive compared with piped gas, which has the potential to create more demand for ...

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Companies form LNG carrier ' Cool Pool'

 Dynagas Ltd. (“Dynagas”), GasLog Ltd. (“GasLog”, NYSE:GLOG) and Golar LNG Ltd (“Golar”, NASDAQ:GLNG) have jointly announced that they have entered into an LNG carrier pooling agreement (the “LNG Carrier Pool”) to market their vessels, which are currently operating in the LNG shipping spot market.The LNG Carrier Pool allows the participating owners to optimise the operation of the pool vessels through improved scheduling ability, cost efficiencies and common marketing. The objective of the LNG Carrier Pool is to serve the transportation requirements of a rapidly growing LNG shipping market by providing customers with reliable, more flexible, and innovative solutions to meet their increasingly complex shipping requirements.The LNG Carrier Pool – to be named “The Cool Pool” – will initially consist of 14 modern, high quality and essentially equivalent vessels powered by fuel efficient Tri Fuel Diesel Electric (“TFDE”) propulsion technology. The three owners’ initial vessels eligible for contribution to The Cool Pool will be as follows: Dynagas: 3 vessels; GasLog: 3 vessels; and Golar: 8 vessels. Each vessel owner will continue to be fully responsible for the manning and technical management of their respective vessels.Tony Lauritzen has agreed to take overall responsibility for the running of The Cool Pool and Morten Nielsen ...

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Natural gas as a fuel for US ships and shore-side operations

  On June 4, 2015, the US Federal Maritime Commission focused on the topic of liquified natural gas as a marine fuel. The meeting began with a presentation on the natural gas production and supply market. The floor was opened to all attendees to discuss issues regarding the use of liquefied natural gas (LNG) as a marine fuel. The forum highlighted the substantial progress made by U.S.-based marine operators Harvey Gulf Marine, Totem Ocean Trailer Express, and Crowley Maritime who are transitioning to fueling their vessels with LNG. For U.S. operators, these retrofits and new builds take place exclusively in U.S. shipyards. International ocean carriers United Arab Shipping Company and Wallenius Wilhelmsen shared their deep-sea perspective on the choice of fuels. Wallenius Wilhelmsen heads up the Trident Alliance while United Arab Shipping Company has ordered seventeen LNG- ready vessels scheduled to be fully delivered by 2016, including one 14,000 TEU container ship, ten 15,000 TEU container ships and six 18,000+ TEU container vessels. Energy companies Sempra and Shell noted that natural gas will continue to become an important part of the global gas supply and called for continual infrastructure development. LNG America, a future natural gas bunker supplier, and design and service providers ...

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LNG Market Update

  Teekay LNG Partners issue Market Insights providing updates on the LNG Market. In this quarter's LNG Market Update, Nicholas Schneider gives an overview of the globla LNG trade, fleet and charter rates. LNG Trade Global LNG import growth has been moderate. Global LNG imports increased 1% in 2014 to 239 million tonnes. During Q1-2015, global LNG imports were 2.4% higher than during the same quarter last year. Europe, Japan and Taiwan saw the largest increase in year-over-year LNG imports in Q1-2015, mostly due to lower LNG prices and new LNG supply in the Pacific region. However, increases in Europe and parts of Asia were largely offset by declines in South Korea and China. Mild winter weather across Asia resulted in high LNG inventories, reducing import demand. Global LNG Imports by Year and Month World LNG Fleet The LNG carrier fleet now consists of 384 vessels and 137 newbuildings on order, not including regas vessels and small LNG carriers. Contracting for newbuild LNG vessels has slowed in 2015. After an all-time high of 63 orders in 2014, there have been only 10 orders to date in 2015. The LNG fleet increased by 9% in 2014 in terms of total cubic ...

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POSEIDON MED: ‘Med Sea into the Gas Era’

  Panayiotis Mitrou, Marine Research, Development & Innovation Manager, Lloyd’s Register presentation during the 2015 GREEN4SEA Forum. Talking about sustainability, Poseidon Med is the project which aims to revive the shipping sector through the planning and executing of a smooth transition for East Mediterranean shipping to a new era, the Gas era. This presentation aims at presenting the opportunity arising from the adoption of  LNG as a marine fuel and how this can, in the context of challenges ahead and the respective European Union policies, foster maritime competitiveness, support the shipbuilding and marine manufacturing industry and safeguard shipping against the forthcoming regulatory changes.   Talking about sustainability, Poseidon Med is the project, which aims to revive the shipping sector in the eastern Mediterranean area and lead it to a new era, what we call the gas era through a smooth transition. It is about planning and having the whole solution in order to move forward. Thus, we will see how and why this new era may constitute a great opportunity for our area in particular. There’s a turmoil ahead we have in our area and we are not talking about ECAs, the EU and the global Sulphur cap, which will come in 2020 ...

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