2024's top stories in LNG Shipping & Terminals

Orders, orders and more orders for new ships dominated news cycles in the LNG shipping market in 2024. With all eyes on the large LNG carrier orderbook in 2024, we added a bit of variety to the list of top stories from the year with stories about FSRUs and potenitally far-reaching LNG facility disputes.

To read each story in full, click on the headline, the image or the link at the end of the text.

 

 

1. Case study: the world’s largest FSRU starts work

As the world’s largest FSRU, a lot of attention is paid to the specification of FSRU Bauhinia Spirit, but the jetty arrangement is special, too, as MOL voyage manager Mihails Solovjovs explains in this case study. 

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2. Calcasieu Pass commissioning cargoes dispute - no winners in sight

A dispute over what constitutes ‘commissioning cargoes’ from a new Calcasieu Pass LNG facility may yet shape the financing and sale of products from future LNG developments. The dispute centres around the US LNG developer Venture Global LNG, its core sale and purchase agreement partners, and the sale of commissioning cargoes during a period of rapidly increasing LNG prices.

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3. No slowdown in LNG carrier newbuilding orders

There has been a wave of LNG carrier newbuilding contracts placed throughout 2024. The main source of new contracting is Qatar, as is widely known. But such is the lack of transparency in the way that contract information is disseminated, it is rare to find agreement among shipbrokers and analysts on total order numbers, even before entering into the firm order/options/rumours debate that always surround newbuilding contracts.

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4. Mini-boom in LPG/ammonia carriers; weekly LPG freight rates slip

Relatively unknown Purus, part of Itochu, with three LPG carriers in the water, has placed an order for a third very large ethane/ammonia carrier, adding to a recent boom in contracting in the sector.

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5. Seatrium to convert three LNG carriers to FSRUs for Karpowership

Seatrium will complete the conversion of three LNG carriers into FSRUs for Turkish firm Karpowership, with an option for a fourth project. The yard has completed 11 FSRU conversions since 2007.

Work for Karpowership will involve installing a regasification skid and other supporting systems such as cargo, utility, spread-mooring, offloading, electrical and automation systems. Scheduled to commence Q2 2024, this contract will include several FSRU conversions executed by Seatrium for Karpowership, including Karmol LNGT Powership Africa, Karmol LNGT Powership Asia and Karmol LNGT Powership Europe, reinforcing Seatrium Group’s position as a leader in the highly specialised FSRU conversion market.

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