Total has announced the launching of its first large LNG bunkering vessel that will be used to fuel gas-powered ships in the Northern Europe. The 135-meter-long vessel, being built by Hudong-Zhonghua Shipbuilding near Shanghai, will have a tank capacity of 18,600 cubic meters, making it by the far the largest LNG bunkering vessel in the world. Upon delivery in … [Read more...]
LNG Shipping Rates Surging as Vessels Drop Out of Service
By Anna Shiryaevskaya and Stephen Stapczynski (Bloomberg) --The cost of chartering a liquefied natural gas vessel on the short-term market has jumped the most since at least 2013. The day rate for a standard tanker East of the Suez Canal jumped 57% in the week to Oct. 9, as issues related to U.S. sanctions on units of China’s COSCO Shipping Corp. start to hit just as the … [Read more...]
Small Ships Are Next Big Thing for This $150 Billion Market
By Anna Shiryaevskaya - (Bloomberg) --Giant ocean-going tankers built the liquefied natural gas industry into a $150-billion-a-year business. The next expansion opportunity may come from ships a seventh of the normal size. Fifty-five years after the first commercial LNG tanker sailed from Algeria, this segment of the gas industry is pushing into ever more niche markets, … [Read more...]
More Yamal LNG Cargoes Headed East via Northern Sea Route
Russian natural gas produce Novatek said it shipped fifteen cargoes from its Yamal LNG plant to Asia via the Northern Sea Route in the third quarter of 2019, putting it on track to increase eastbound shipments by fourfold compared to last year. According to Novatek, the eastbound shipments represent approximately 25 percent of all cargoes shipped from Yamal LNG during … [Read more...]
World’s First LNG-Powered ‘Megaship’ Launched in China
The world’s first ultra-large containership to be powered by liquefied natural gas was launched in China this week. CMA CGM JACQUES SAADE is the first of nine French-flagged LNG-powered containerships with 23,000 teu capacity for French shipping giant CMA CGM. A launching event for the vessel took place this week at Shanghai Jiangnan-Changxing Shipyard attended by … [Read more...]