Middle East Conflict Drives Spike in War Risk Insurance Costs
U.S. and Israeli attacks on Iran and Tehran's reprisals have doubled the price of insuring shipments to the Middle East and the Gulf in the last week, insurance sources said on Monday.
The world’s largest floating storage and regasification unit (FSRU) has arrived in Hong Kong where it is set help meet the city’s growing energy needs.
The Bauhinia Spirit, with a length of 345 meters and a storage capacity of 263,000m3 of LNG, arrived at the South Cheung Chau Anchorage on Thursday. The FSRU is set to undergo checks and port clearance procedures before sailing to the offshore LNG terminal east of the Soko Islands next week for the final commissioning of the project.
The FSRU, Hong Kong’s first, will be used to receive, store, and regasify LNG, enabling Hong Kong to diversify its natural gas supply and allow the city to procure natural gas at competitive prices.
The LNG terminal is set to be operated by the Hong Kong LNG Terminal Limited, a joint venture between CLP Power and HK Electric, with construction of a marine jetty and two subsea gas pipelines already completed.
Commissioning of equipment is currently underway, and the terminal is scheduled for operation in mid-2023.
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