gas carriers
Trips and slips in the dash for gas
LNG CARRIERS ON ORDER BY SHIPOWNER – APRIL 2014
6,000,000 5,000,000 4,000,000 3,000,000 2,000,000 1,000,000 0
40 17 10 9 7 6 6 5 4 4 4 4 4 4 4 4 4
No L
Liquid Capacity
NG continues to make progress on several fronts. The ordering boom advances, there is slow but steady progress in coastal
development as a prelude to the introduction of LNG bunkering tankers and dual-fuel engine applications are keeping the orderbooks and rivalry at an intense level between Wärtsilä and MAN Diesel & Turbo.
Currently the newbuilding order backlog
stands at a record level of 136 LNG vessels and the ordering spree is underlined by respective orderbook figures of 121 and 82 for one and two years ago. Long lead delivery times now stretch into 2018 but some now query the wisdom of so many vessels being ordered when demand may not match supply.
Generally teams of shipbuilders, owners and designers along with energy majors work closely to ensure they get the most appropriately designed vessels to suit their purpose and serve the new terminals under construction or being upgraded. However such is the pressure on berth space that many orders have to be provisionally agreed well in advance in the bidding process for long term contracts. With a newbuilding recovery underway,
berths for all vessel types have rapidly filled to their strongest position since the end of the boom in 2008. Options for LNG carriers are numerous but the first sign of nervousness is beginning to impact in the market with these optional slots the
www.mpropulsion.com
Orderbooks continue to grow, but the market is proving more difficult than expected
by Barry Luthwaite
first casualties. For the moment these options are only at the serious consideration stage but will occur it seems at some stage.
A few newbuildings delivered on time are having to work spot business at lower rates until liquefaction plants are finally commissioned or seriously consider idling in designated weather- friendly environments. One thing owners will want to avoid is a rerun of the 1980s when many LNG carriers were forced into idleness due to recession and serious delays in commissioning of new plants.
The change in energy circumstances today however means history is unlikely to repeat itself. Certainly the LNG orderbook is not finished yet but the market will be hoping for more caution in new contracting or market stability may be adversely affected. In the past year
significant events have
occurred. Noticeable is the commissioning of, and potential orders for, floating storage and regasification (FSRU) units. Several projects are out to tender with Golar LNG and Shell at the
forefront in bids. With a newbuilding recovery underway, In the case of Golar LNG, the company recently completed a front end engineering and design feasibility study into converting one of its ageing LNG carriers into an FSRU role. A contract on employment for this FSRU is expected by the end of June after which any conversion would occupy 30 months with six months of trials thereafter before formal commissioning. FSRUs are important for employment of LNG carriers where even two can give sustainable employment for ten of the commercially trading vessels. USA and West Africa are targets for development especially with the former developing shale gas export potential in the next decade.
Golar LNG – a division within the John Fredriksen empire – took delivery of the 170,000m3 FSRU Golar Igloo, which has a five- year charter to Kuwait National Petroleum Co on a seasonal basis. The slightly smaller FSRU Golar Eskimo is due to be delivered at the end of 2014 and has a ten-year charter commitment to Jordan. An option has been exercised to add regasification facilities to Golar Tundra which is due for delivery in November 2015. All three vessels have the flexibility to switch to conventional LNG trading and are products from Samsung Heavy Industries.
FSRUs are seen as an escape route for heavily oversubscribed conventional LNG tonnage due
Marine Propulsion I April/May 2014 I 27
Others Maran Gas Maritime Inc. Mistsui O.S.K. Golar LNG Gaslog LNG Services China Shpg. Group/MOL Nigeria LNG Ltd Teekay LNG Partners Sovcomflot Hoegh, Lief BW Gas Chevron Shpping Co. Cardiff Marine Dynacom
Petronas Tankers China Shpg. Group
Evergas
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