Russia’s largest shipping company Sovcomflot logged an almost 66 per cent rise in quarterly net profit on the back of a strong performance of its conventional fleet. LNG carrier SCF Mitre (Image courtesy of Sovcomflot) Sovcomflot reported a net profit of $116.1 million in the first quarter this year compared
Qatari LNG shipping giant Nakilat said on Thursday it started the second phase of its fleet management transition from Shell’s trading and shipping unit. LNG carrier Al Mayeda (Image courtesy of Nakilat) Q-Max LNG carrier Al Mayeda is the first of seven vessels that will transition to Nakilat’s management as
Hydrogen has surged up the priority list of many oil and gas organizations, taking a primary position in the sector’s decarbonisation efforts, according to a new report by DNV GL. The classification society said on Thursday that a fifth of senior oil and gas industry professionals claimed their organization was
Russia’s huge new shipbuilding complex Zvezda has launched its first vessel, an Aframax tanker named Vladimir Monomakh. The dual-fuel tanker, running on traditional fuel and liquified natural gas, is designed to carry oil in unrestricted navigation. Aframax tanker Vladimir Monomakh; Image Courtesy: «Rosneft» The ice-class ICE-1A vessel features a length
LNG producers with short-run marginal costs (SMRCs) that exceed spot prices are increasingly looking to curtail production. Illustration purposes only (Image courtesy of Cheniere) Such moves are being considered as global liquefied natural gas (LNG) benchmark prices continue to fall due to oversupply on account of Covid-19. An analysis by
The government of Australia’s state of Queensland is ramping up efforts to boost local natural gas supply by opening new land for gas exploration. Image courtesy of Queensland Department of Natural Resources and Mines Queensland is unlocking more than 6700 square kilometres of gas exploration acreage in 12 parcels located
Prices of the spot liquefied natural gas (LNG) imported into Japan during the month of March slipped below $3 per mmBtu in April. Illustration purposes only (Image courtesy of Tokyo Gas) Data from the Japanese Ministry of Economy, Trade and Industry (METI) shows the contract-based price slipped to $2.3 per
Australian exports of liquefied natural gas (LNG) have held up despite the effects COVID-19 spread had on economic activity. Image courtesy of Woodside According to a report by energy consultancy EnergyQuest, Australian LNG projects shipped a total of 6.9 million tones in April. The volumes were delivered onboard 101 cargoes.
The London-based Baltic Exchange has launched a tool to provide quarterly assessments on the cost of operating liquefied natural gas and liquefied petroleum gas tankers. Image courtesy of the Baltic Exchange The Baltic Exchange said in a statement that data will be provided by independent third-party ship management companies. These
A joint venture led by Italy’s Saipem has secured a $4 billion engineering, procurement and construction contract for Nigeria LNG’s seventh production unit at its Bonny Island plant. Image courtesy of Nigeria LNG Saipem has a 60 per cent stake in the venture that includes South Korea’s Daewoo E&C and
Cargotec’s MacGregor has received orders to provide equipment to four offshore wind service vessels for Edda Wind, Østensjø Group’s offshore wind business unit. Two of the equipment packages were awarded by the Spanish Astilleros Gondán, who is building the zero-emission prepared commissioning service operation vessels (CSOVs). The first CSOV will
