Chinese LNG Sector Growth to Continue
China is at the forefront of the large LNG sector growth and is emerging as the largest source of new LNG demand growth and second largest importer of LNG, VesselsValue revealed.China’s natural gas consumption has surged amid a gasification program and plan that is shifting millions of households and a large number of factories to natural gas from coal, said the report.Greece and Japan dominate in terms of USD value. Greece has recently overtaken Japan as the top owning country, ordering a large number of vessels since 2018.However, we have seen China emerge in the LNG market owning a total of USD 5.9 billion of Large LNG assets…
LNG Tankers Divert to China as Winter Demand Spikes
China's LNG demand soars as tankers from the Americas divert to China. Liquefied natural gas (LNG) is being re-exported to China from Japan and tankers are being diverted from as far away as Brazil, with traders rushing to find cargoes in the face of a supply crunch in the world's No.2 economy as winter bites. Following an unprecedented drive to switch millions of households to natural gas from coal for heating, China's imports of LNG have surged as utilities struggle to meet soaring demand as winter gets off to a colder start than usual. "We expect to see many more LNG cargo diversions to China over the winter period…
PPC and CMEC to Build Coal-fired Plant
China Machinery Engineering Corporation (CMEC) signed a memorandum of understanding on Wednesday with Greece's leading utility Public Power Corp. (PPC) to build a coal-fired plant in northern Greece. Under its "one belt, one road" strategy, China has been investing heavily in Greece in recent years, aiming to turn the country into a transhipment hub for its products into Europe. Last month, China's shipping conglomerate COSCO wrapped up the purchase of a 51 percent stake in Greece's largest port Piraeus, while State Grid Corporation of China has been shortlisted for a 24 percent stake in Greece's power grid ADMIE.
Nigeria's Oil Exports Under Threat
Nigeria's latest effort to combat theft could imperil its oil income lifeline, compounding the damage the crude price fall has done to its finances, access to dollars and imports. Oil traders and shipping brokers said a newly implemented "letter of comfort" requirement under which vessel owners must sign a guarantee that their ships will not be used for theft has made it more difficult and expensive to load Nigerian crude, putting some buyers off. A copy of the letter draft seen by Reuters asked vessel owners to "guarantee to indemnify" the government and national oil company NNPC against any illicit use of their vessel, which led some owners to reject pending bookings.
California Fines 4 Shipping Firms
The California Air Resources Board has fined four shipping companies a combined $146,719 for failing to switch from dirty diesel “bunker” fuel to cleaner, low-sulfur marine distillate fuel upon entering Regulated California Waters – within 24 nautical miles of the California coast. “State anti-pollution laws require shippers to do their part to protect air quality,” said ARB Enforcement Chief Jim Ryden. “Shippers who comply are helping to protect the health of those who live, work, and go to schools near ports and shipping lanes. Many Californians don’t realize that diesel soot and other pollutants can also travel far inland to impact communities nowhere near the sea.
