Gas
1/2/2013

GasLog announces delivery of GasLog Shanghai



GasLog announced the delivery of the fully owned LNG carrier GasLog Shanghai, from Samsung Heavy Industries. The vessel was delivered on budget and ahead of schedule.


Immediately on delivery she commenced a medium-term charter to Methane Services Ltd. (BG Group).

The vessel is a 155,000 cubic meter Tri-Fuel Diesel Electric LNG carrier that sets new standards for efficient performance and environmental protection. The vessel is classified to the ABS ENVIRO+ notation, signifying the highest level of environmental protection and energy conservation. Furthermore the vessel is equipped with a new type of cargo compressors that will reduce the release of greenhouse gasses and offer enhanced cargo and heel management.

The vessel will be operated by GasLog LNG Services Ltd. in accordance with their Marine Health, Safety, Quality, Environmental & Energy Management system which in December was certified by ABS to be in compliance with ISO50001.

GasLog has a further four LNG carrier newbuildings due for delivery this year, as well as two in 2014 and one in 2015.


Gas


Greek Energy Minister Yannis Maniatis held talks with Greek LNG shipowners this week in order to enforce the country's energy safety and adequate supply. In light of geopolitical developments and the possibility of winter gas shortages in Europe stemming from the Ukraine crisis, the Greek ministry of Energy has been preparing early for all possible scenarios.

Plunging global oil prices may turn hopes for cheap liquefied natural gas supplies from the United States into a costly disappointment for Asian buyers who have already invested billions of dollars in long-term contracts. The 26 percent price slide since June to $85 a barrel exposes cracks in the assumption by utilities and industrial companies from Japan to India that cheap U.S. LNG would muscle into high-value Asian energy markets from 2016.
A week after falling below $100/tonne, rates to haul LPG on very large gas carriers have once again, exceeded $100/tonne. The Baltic Exchange assessed the benchmark Ras Tanura-Chiba rate at $107.214, up from $98.571/tonne a week ago. At current bunker prices in Fujairah, UAE, that translates into daily earnings of over $98,000.
An extended slump in oil prices threatens an expansion of the liquefied natural gas industry and risks cutting returns for project developers in Australia, poised to become the world’s biggest supplier of LNG.




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