Russia added the next piece to its game of ‘shadow fleet’ chess. Recently sanctioned carrier Everest Energy, carrying a load of liquefied gas from Arctic LNG 2, has taken up position next to the world’s largest floating LNG storage barge.
Vessel tracking sites show the LNG carrier alongside Saam FSU, (FSU stands for Floating Storage Unit. It’s a vessel used for the storage of oil or liquefied natural gas (LNG) at sea) likely transferring its cargo to the storage barge. In contrast to recent activity by the shadow fleet, Everest Energy did not attempt to spoof its AIS signal.
The 361,600-cbm Saam FSU, built by Hanwha in South Korea, was towed into position 50 kilometers northwest of Murmansk in Ura-Guba Bay in June 2023. But it has thus far sat idle due to U.S. sanctions.
Novatek, the operator of Arctic LNG 2 and the thus far unsanctioned Yamal LNG project, had intended to transfer LNG via the FSU to optimize the use of its ice-class LNG carriers. Now it appears to become part of its growing shadow fleet operation.
“The Saam FSU can offer a storage buffer of around 16 days since GBS-1 [Train 1 of Arctic LNG 2] is operating at slightly below 50% of its nameplate capacity, up to 27 days if at 30%, which is the minimum required to sustain the liquefaction process,” explains Mehdy Touil, a lead LNG specialist at Calypso Commodities.
Everest Energy may be used to establish a shuttle service between Arctic LNG 2 and the storage barge, Touil speculated.
Both Everest Energy and Asya Energy remain in Russian waters loaded with cargo following the suspension of their flag by Palau authorities, pending an investigation. The de-flagging has seemingly thrown at least a temporary wrench into Russia’s attempts to channel sanctioned LNG to buyers.
Asya Energy had reached the waters of southern Norway when it turned around last week and sailed back toward Murmansk on the news of U.S. sanctions and suspension of its flag. The vessel currently sits in Kola Bay east of Saam FSU.
Meanwhile, the third confirmed vessel of the dark fleet, Pioneer, conducted a STS operation with New Energy north of the Suez Canal last week. Both vessels have remained idle since then, suggesting that a Suez Canal transit for sanctioned or unflagged vessels may represent a challenge.
U.S. LNG exports reached near record levels in December, rising to 8.5 million metric tonnes (MT) as two new plants started, and driving up full-year shipments 4.5% over 2023, according preliminary data from financial firm LSEG.
President Joe Biden is preparing to issue a decree permanently banning new offshore oil and gas development in some US coastal waters, locking in difficult-to-revoke protections for sensitive marine areas during his final weeks in the White House.
Cargo volume on Russia’s main Arctic shipping lane continues to climb, although figures remain below the targets originally defined by President Putin earlier in the decade. Western sanctions have delayed or put on hold a number of oil and gas projects negatively impacting overall cargo volume.
18 hours ago
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