Yamal LNG Gets All 15 Arc7 Ice-Class Tankers
Russian liquefied natural gas (LNG) producer Yamal LNG announced the operational start of the new Arc7 ice-class LNG tanker “Yakov Gakkel”, the fifteenth and final Arc7 ice-class tanker built specifically for the Project.The Yakov Gakkel has loaded the 354th LNG cargo in the port of Sabetta bound to China, said a press note.The vessel was built by Daewoo Shipbuilding and Marine Engineering (DSME) and is owned and operated by a 50-50 joint venture by Teekay LNG and China LNG Shipping.
Teekay Resolves China LNG JV Issues
Teekay LNG’s 50/50 joint venture with China LNG, which owns four on-the-water ARC7 LNG carriers and two ARC7 LNG carrier newbuildings, is also no longer classified as a “blocked person” under Office of Foreign Assets Control (OFAC) rules.According to a press release from the owners and operators of LNG carriers, providing LNG and LPG marine transportation services firm, Teekay Corporation and Teekay LNG Partners announced that COSCO Shipping Energy Transportation…
Novatek in Talks on LNG Transhipment
Russia's liquefied natural gas (LNG) producer Novatek is in talks to tranship its Yamal cargoes in Norway or Russia's Murmansk because it is unsure of the impact of U.S. sanctions on the Chinese COSCO tankers it uses, a Novatek official said.The United States imposed sanctions on Sept. 25 on state-owned COSCO's subsidiaries, COSCO Shipping Tanker (Dalian) Co and COSCO Shipping Tanker (Dalian) Seaman & Ship Management, for allegedly ferrying Iranian crude.U.S.-listed ship owner Teekay LNG said last week its shipping joint venture in Russia…
Bahrain's First LNG Terminal Ready for Business
Bahrain expected to start LNG imports early this year; FSU on 20-year time charter to Bahrain LNG arrives in the GulfBahrain's first liquefied natural gas (LNG) floating unit arrived in the Gulf this week as the country gets ready for its maiden imports of the super-chilled fuel this year, data from Refinitiv Eikon showed.Bahrain Spirit, a floating storage unit (FSU) with a capacity of about 173,000 cubic meters, is currently anchored in Fujairah after docking in the United Arab Emirates region on Jan.
FSU Delivered to Bahrain LNG
Teekay LNG’s first floating storage unit (FSU) has been delivered to charterer Bahrain LNG.The vessel Bahrain Spirit was delivered from the shipyard in South Korea at the end of August, before going on hire on September 19, 2018.The FSU will form part of Bahrain LNG’s liquefied natural gas (LNG) receiving and regasification terminal within the Khalifa bin Salman Port facility, in Hidd, Bahrain. The project comprises of a FSU, an offshore LNG receiving jetty and breakwater…
Yamal LNG Exports Accelerate in Time for Winter
Liquefied natural gas exports from Novatek's Yamal terminal in the Arctic have come on stream faster than expected over the summer and exceeded volumes from Russia's only other LNG facility, Sakhalin, for the first time in August.The pace of commissioning the multi-billion dollar project has surprised a market used to chronic delays. Additional volumes from the start of another facility should now come in time for the northern hemisphere winter, a time of price spikes.Novatek said earlier this week it had begun commissioning the third train…
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.
Excelerate Buys EXMAR’s Share in Four FSRUs
Excelerate Energy has acquired the full 50 percent shares held by EXMAR in four companies, Excelerate NV, Explorer NV, Express NV and Excelsior BVBA, each owners of the respective Floating Storage and Regasification Units (FSRU) registered under the same names, and all four of which are under a long-term time charter to Excelerate Energy. The sale of the first three companies has been completed, while the sale of EXMAR’s shares in the fourth company, Excelsior BVBA, remains subject to approval by JV partner Teekay LNG and company lenders. George B.
Hvid to Take Over as Teekay President and CEO
Teekay Corporation’s board of directors has elected Kenneth Hvid to succeed current president and CEO, Peter Evensen, who will retire January 31, 2017 after more than 13 years with the company. Hvid is presently serving as president and CEO of Teekay Offshore Group Ltd. “Kenneth Hvid is the natural successor to Peter Evensen as CEO of Teekay at this time,” said Teekay's Chairman, Sean Day. Hvid has served on the board of Teekay daughter companies, and has worked closely with all the business segments in Teekay in his previous role as Chief Strategy Officer.
Bahrain Awards Contracts for LNG Imports Complex
Press release - Bahrain's Oil and Gas Authority (Nogaholding) has awarded a consortium of Teekay LNG Partners , South Korea's Samsung C&T and Gulf Investment Corp (GIC) a contract to develop a liquefied natural gas (LNG) terminal in the kingdom. The project, to be built in Bahrain's Hidd Industrial area, will have a capacity of 800 million standard cubic feet per day and will be owned and operated under a 20-year agreement starting July 15, 2018, according to an emailed statement.
Teekay LNG Logs Improved 2Q Results
Teekay GP L.L.C., the general partner of Teekay LNG Partners L.P. today reported the Partnership's results for the quarter ended June 30, 2015. During the second quarter of 2015, the Partnership generated distributable cash flow(1) of $65.8 million, compared to $61.5 million in the same period of the prior year. The increase in distributable cash flow was primarily due to lower interest expense resulting from the December 2014 termination of capital leases for…
Teekay LNG Partners Declares Distribution
Teekay GP LLC, the general partner of Teekay LNG Partners L.P. has declared a cash distribution of $0.70 per unit for the quarter ended June 30, 2015. The cash distribution is payable on August 14, 2015 to all unitholders of record as at July 14, 2015. Teekay LNG Partners is one of the world's largest independent owners and operators of LNG carriers, providing LNG, LPG and crude oil marine transportation services primarily under long-term, fixed-rate…
Teekay Sells FPSO, Announces Dividend Boost
Teekay Corporation announced today that its board of directors has declared a cash dividend on its common stock of $0.55 per share for the quarter ended June 30, 2015, an increase of approximately 75 percent over the previous cash dividend of $0.31625 per share. The cash dividend is payable on July 31, 2015 to all shareholders of record as at July 17, 2015. Teekay also announced today that it will complete the sale of the Petrojarl Knarr (Knarr) floating production, storage and offloading (FPSO) unit to Teekay Offshore Partners L.P.
Teekay, BP Enter Deal for Newbuild LNG Tankers
Teekay LNG Partners L.P. announced that it has entered into a 13-year time-charter contract with BP Shipping Limited (BP) for one liquefied natural gas (LNG) carrier newbuilding, plus an option exercisable by BP by the end of the third quarter of 2015 for one additional LNG carrier under similar terms. The vessels, including the optional vessel if exercised, will primarily provide LNG transportation services for BP’s LNG volumes from the Freeport LNG project located on Quintana Island near Freeport…
Teekay LNG Announces Board Changes
Teekay LNG Partners L.P. announced changes to Teekay LNG’s board of directors. Jane Hinkley has been appointed to the chairmanship position succeeding C. Sean Day, who will remain a director of Teekay LNG and chairman of the partnership’s sponsor, Teekay Corporation. Hinkley has been a director of Teekay LNG for over 10 years and has management and board experience in the shipping and oil and gas industry, including serving as the managing director of Navion Shipping AS…
Teekay LNG Declares Distribution
Teekay GP LLC, the general partner of Teekay LNG Partners L.P. (Teekay LNG or the Partnership), has declared a cash distribution of $0.70 per unit for the quarter ended March 31, 2015. The cash distribution is payable on May 15, 2015 to all unitholders of record as at April 13, 2015. Teekay LNG Partners L.P. is a publicly-traded master limited partnership (MLP) formed by Teekay Corporation as part of its strategy to expand its operations in the LNG and LPG shipping sectors.
Grounded Tanker May Siphon LNG to Break Free
A fully loaded liquefied natural gas (LNG) tanker grounded off Nigeria last week may siphon its cargo to another ship after tugs failed to pull it free, owner Teekay LNG Partners said on Tuesday. The Magellan Spirit tanker, carrying a full load of 165,000 cubic metres, became grounded in soft mud on Jan. 5 trying to leave the Bonny Island LNG export plant, spokesman Jonathan Anthony said in a statement. "Expert advisers are presently on location considering next steps…
Gas Tanker Reportedly Aground off Nigeria
A liquefied natural gas (LNG) tanker has run aground off Nigeria after taking on a cargo at the country's Bonny Island export plant, two trading sources said. The 165,000-cubic-metre-capacity Magellan Spirit tanker, owned by Teekay LNG Partners, ran aground trying to leave the port bound for South Korea, traders said. Teekay could not be reached for immediate comment. A trader said that the tanker is not expected to disrupt inbound or outbound tanker traffic from Bonny Island as it was not blocking the shipping channel.
Shell Time Charters 5 Newbuild LNG Carriers
Subsidiaries of Teekay LNG Partners L.P. (Teekay LNG) (NYSE:TGP) and a wholly owned company of Royal Dutch Shell plc (Shell) has announced that they have entered into time-charter contracts for five newbuild LNG carriers. The vessels will operate as part of Shell's global LNG fleet under time-charters ranging in duration from six to eight years, plus extension options. Delivery of the vessels will start from the second half of 2017 into 2018. The new time-charter contracts with Shell will be serviced by five 173…
Teekay LNG Partners' Cash Distribution Up by 1.2%
Teekay GP LLC, the general partner of Teekay LNG Partners L.P. has declared a cash distribution of $0.70 per unit for the quarter ended December 31, 2014, an increase of 1.2 percent over the cash distribution of $0.6918 per unit for the quarter ended September 30, 2014. The cash distribution is payable on February 13, 2015 to all unitholders of record on January 15, 2015. The increase to the fourth quarter distribution coincides with the completion…
