Norwegian shipping magnate John Fredriksen's Liquefied Natural Gas (LNG) transport company Golar LNG said on Friday it raised $280 million in a private placement and planned to list in Oslo and later this year in New York. The company, which will become the first pure LNG transport company to be listed, said it had issued 56 million shares at $5 each in the placement and that Fredriksen had taken a 50 percent stake in the firm. "We sold 140 (million dollars worth) externally and John took 140 (million dollars worth)," Golar LNG director Tor Olav Troim said. Oslo investment banks Fearnleys and Orkla managed the placement of the 28 million shares with private investors. "Golar LNG will be traded OTC (over-the-counter) in about a week and will go to the Oslo stock exchange in about three weeks time," Fearnleys partner Harald Moreus Hanssen said. "The company has stated a clear intention to follow up with a New York listing this autumn," he added. "They plan to have two very active listings with full liquidity. The proceeds of the IPO will be used to buy the LNG shipping assets of one of John Fredriksen's existing tanker companies, Osprey Maritime. Osprey Maritime owns six highly prized tankers for transporting LNG -- natural gas which is deep frozen until it liquefies at a tiny fraction of its gaseous volume for shipping to terminals where it is re-gasified.
The world's top shipping magnate John Fredriksen is close to solving a dispute with British utility BG Group and could soon see increased earnings for four of his ships, shipping sources said. "Their differences have been resolved and they've reached an agreement, but that still hasn't been finalized," said an LNG industry source. The dispute first became public last month when Norwegian Golar LNG, in which Fredriksen has a half share
Despite some delays, the Indian shipping industry appears to be finally gearing up to develop an LNG (liquefied natural gas) fleet. With India emerging as a major importer of the gas, even the Ministry of Shipping has asked Indian ship-owners in no uncertain terms to take the initiative to develop an LNG fleet, according to a report on - www.thehindubusinessline.com It is estimated that by 2012 India's LNG imports will almost equal Japan's current LNG imports of 60 million tons per annum
Aker Arctic Technology of Finland and the St. Petersburg based FSUE Admiralty shipyards signed a contract for a license and design including classification package of two 70,000 dwt double-acting Arctic shuttle tankers, which the yard is building for ZAO Sevmorneftegaz for the Prirazlomnoye oil field in the Arctic Ocean. The ships are the largest tankers so far built by the yard and will be delivered towards the end of 2007 and respectively 2008.
Araldite LNG adhesives from Huntsman Advanced Materials are being employed by shipyards, including Samsung Heavy Industries in the construction of a new LNG ship. The vessel is the 100th of its kind to employ Araldite adhesives and to be built for use in the global LNG industry. LNG ships are enormous ocean-going vessels that transport supplies of LNG between energy rich and power hungry countries. The global LNG market is experiencing a period of rapid growth
Nakilat-Keppel Offshore & Marine (N-KOM) has received the first Qatargas-chartered vessel “Al Wakrah” to dry dock at the Erhama Bin Jaber Al Jalahma Shipyard, Qatar’s new, world-class offshore and marine hub at the Port of Ras Laffan. “Al Wakrah”, which is owned by a Japanese consortium led by Mitsui O.S.K. Lines, Ltd. (MOL) and managed by MOL LNG Transport Co., Ltd. (MOLLNG), will undergo general maintenance works such as main and generator turbine
Qatar Gas Transport Company Ltd. (Nakilat) announced that it has been awarded 25 year time charters by Qatar Liquefied Gas Company Limited (II), (QGII) for six 'QMax' LNG carriers of approximately 265,000 cubic meters carrying capacity each. These will be the largest LNG carriers ever constructed. According to AME Info, the ships will be ordered from Korean shipyards Daewoo Shipbuilding and Marine Engineering and Samsung Heavy Industries
National Iranian Tanker Co. (NITC) managing director said the country would produce over 80 million tons of LNG each year, and that 40 LNG carriers would be required, according to a report on www.tehrantimes.com. According to the report, the first cargo of Iran’s LNG would be shipped in 2011 and a 150 thousand cubic meter LNG carrier is needed to transport one million tons of liquefied natural gas.
By Larry Pearson Many workboats in the marine industry are called upon in supply or assist roles. The entire offshore vessel industry is based on a supply function to oil and gas drilling operations or the resupply of production platforms. The tugboat industry is most often characterized as small vessels assisting very large ships in docking, undocking and other harbor movements. The growth of these vessel companies and their operations depends on the economic vitality of the larger
Singapore LNG Corporation (SLNG) has performed its first vessel cool-down service, following an agreement signed with Malaysian shipping company MISC. This is the first agreement for vessel cool-down services that SLNG has entered into, and the first cool-down was performed on one of MISC's LNG ships, the Seri Bakti. SLNG began commercial operations on May 7, 2013 and has since been providing throughput services for LNG ships transporting LNG in tanks under cryogenic temperatures
President and CEO, Masami Iijima of Mitsui & Co., Ltd. informed that the compnay is currently proceeding with the procurement of eight LNG ships intended to be used for the delivery of LNG mainly to its customers in Japan from the Cameron LNG Export Project in the U.S.A.
A steel-cutting ceremony was held on September 29 for the lead gas tanker ordered by SCF Group for transportation of liquefied natural gas (LNG) under the Yamal LNG project. The prototype vessel will be operated under a long-term time charter between OAO Sovcomflot and JSC Yamal LNG.
Gaztransport & Technigaz (GTT), designer of membrane containment systems for the maritime transportation and storage of LNG (Liquefied Natural Gas) announced five AIPs for transportation of liquefied gases other than LNG. As an outcome of the shale gas revolution in the U.S
Tenaska Bayou LNG expected to meet growing marine, transportation and oil and gas exploration and production demand on the Gulf Coast Tenaska NG Fuels, LLC and Waller Marine, Inc. today announced that they have agreed to develop, construct
Dynagas LNG Partners LP, an owner and operator of LNG carriers, has announced that it has entered into an agreement to purchase from Dynagas Holding Ltd., the partnership's sponsor, 100% of the ownership interests in the entity that owns and operates the Yenisei River
As Tote pioneers the use of natural gas as a marine fuel with two groundbreaking projects, Anthony Chiarello combines the strength and diversity of the Saltchuk group of companies with a forward-thinking, environmentally correct Tote business plan.
When it comes to Arctic operations, the Russians arguably have more hands-on experience and investment than any other nation. With that in mind, Maritime Reporter spoke recently with Georgiy Bedrik, Head of the RS Business Development Division, for his input on RS and matters of the Arctic
First of four Crowley tankers celebrated in keel laying ceremony at Aker Shipyard The first of four Crowley Maritime Corp. product tankers was celebrated today in a keel laying ceremony held at Aker Philadelphia Shipyard, Inc. (APSI), the wholly-owned U.S
Liquefied Natural Gas Limited has appointed Paul J. Cavicchi as a Non-Executive Director of the Company with effect from 1 October 2014. Based in Houston, Paul brings over 25 years leadership experience in the international energy industry across a range of gas nd power projects
The new sulphur directive for shipping traffic within the North European SECA area, which comes into force on January 1, 2015, is good for the environment but has a significant economic impact on Stena Line's business. The whole of the change program that begun in 2013
The increasing use of LNG (Liquefied Natural Gas) as a fuel was given another boost with today’s commissioning of a new type of inland navigation vessel: Sirocco. Owned by Chemgas Barging, this conventional gas tanker is equipped with a main engine capable of running on marine gas
In the stock exchange notice dated 13 November 2013 Höegh LNG Holdings Ltd. informed that LNG Libra, a 126,000 cubic meter LNG carrier, was chartered to Gas Natural until year-end 2014. Gas Natural has today exercised its option to extend the charter period for further 12 months with
Mitsui O.S.K. Lines, Ltd. (MOL) apprise that a contract has been signed with Mitsui & Co., Ltd. to charter two new 155,000m3 LNG carriers that will transport shale gas-derived liquefied natural gas (LNG) from the United States. MOL will manage the new vessels
Two major examples of Interferry’s growing influence will be highlighted next week at the global trade association’s 39th annual conference in Vancouver. CEO Len Roueche will report on his nomination to a new UN high level advisory group on sustainable
U.S. federal regulators on Monday approved construction of Dominion Resources Inc's liquefied natural gas export project in Cove Point, Maryland. Cove Point is the fourth U.S. LNG export project to get the green light to begin construction from the Federal Energy Regulatory Commission