TEX reported that Norway's Golar LNG Limited has postponed signing charter contracts for newly built ships. To cope with active demand for transportation in the future LNG market, the company is working on Newbuilding Program to expand its group of ships. It is said that Golar LNG has withheld reaching charter agreements because it anticipates that the global supply of available LNG vessels will remain tight for the time being.
Ever since supply demand balance of LNG carriers become tight, Golar LNG has accelerated its investments in building new ships and has so far placed orders with South Korean shipbuilders, etc for total 13 ships including two vessels equipped with floating storage regasification unit. Other companies are also taking similar actions. Therefore, it is expected that LNG vessel-supply tightness will be alleviated in 2014-2015 when the construction of these new ships will be completed.
However, up to that time, there will be insufficient supply of LNG carriers and charter fee is likely to be raised further. For this reason, Golar LNG has not hurried to conclude agreements. The company plans to fix counterparties to agreements during time of peak demand.
All the LNG vessels, that Golar LNG has so far ordered, are the ones, with a capacity of 160,000 cubic meters, using the tri-fuel engine technology. Of these, four ships will be completed in 2013. In addition, six vessels will be finished in 2014 and one in 2015.
As for existing vessels, Gimi, Hilli and Gandria were decided to be put back into operations, which are LNG carriers constructed in 1970s and have stayed moored for a long period of time. Besides that, four ships including Golar Viking have been placed back into service on short term charter contracts.
Meanwhile, the long term contract with Indonesia's Nusantara Regas has become effective from this month for 11 years to charter out Nusantara Regas Satu with FSRU, into which a LNG carrier Khannur was remodeled.
From now, ownership of the vessel is scheduled to be transferred to Golar LNG Partners LP, which is an affiliate of Golar LNG Limited.
Source - TEX Report Limited
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