Page 13 - GLNG Week 41 2021

GLNG NEWS IN BRIEF GLNG

Hyundai Heavy Industries. GTT is proud and
excited to support the shipping industry in its
determination to increasingly use LNG as fuel,
thus reducing the environmental footprint of
ships.”
Mr. Seung-Ho Jeon, ship building division
executive vice president of Hyunday Heavy
Industries, declared: “HHI is pleased to enter
this new chapter of our partnership with
GTT, which allows us to expand our LNG-
powered container ship portfolio. The choice
of GTT’s membrane technology represents an
enhancement of technological performance
and flexibility for the construction of our
vessels.”
GTT, October 14, 2021

vessels with its membrane AUSTRAL ASIA
ASIA
GasLog Partners announces containment technology KBR announces final

sale and leaseback of and smart shipping settlement agreement

GasLog Shanghai solutions

GasLog Partners today announced the GTT has been chosen by its partner the between JKC and Ichthys
sale and leaseback of the GasLog Shanghai Korean shipyard Hyundai Heavy Industries LNG client
to a wholly owned subsidiary of China (HHI) to design the cryogenic fuel tanks
Development Bank Leasing (CDBL) for of two liquefied natural gas (LNG) fuelled KBR announced that JKC Australia LNG,
$120mn, releasing approximately $20mn of container vessels. a joint venture in which KBR has a 30%
incremental net liquidity. Concurrent with the The two new vessels, each with a capacity ownership interest, has entered into a
sale, the Partnership will bareboat charter-in of 15,600 containers, will be equipped with binding settlement agreement that resolves
the vessel from CDBL for a period of 5 years, LNG tanks, each holding up to 12,800 cubic outstanding claims and disputes between JKC
ending in October 2026, with no obligation to metres of LNG used as fuel. The tanks will and its client, Ichthys LNG.
purchase the vessel at the end of the lease. be fitted with the Mark III Flex membrane “We are pleased to announce the resolution
The GasLog Shanghai is a 155,000 cubic containment technology, developed by GTT. of disputes between JKC and its client. This
metre LNG carrier with tri-fuel diesel Vessels deliveries are scheduled to occur settlement is a favourable milestone in our
electric propulsion built in 2013. The vessel between the fourth quarter of 2023 and the commitment to resolve legacy matters, and
is currently on charter to Clearlake Shipping, first quarter of 2024. it reduces uncertainty, liquidity risk and
a subsidiary of Gunvor Group Ltd. until In addition to the engineering services and commercial dispute costs,” said Stuart Bradie,
November 2022. on-site technical assistance, GTT will assist KBR president and CEO.
Paolo Enoizi, CEO of GasLog Partners the operator through every step of the first As a result of the settlement agreement,
LP stated: “With the completion of the sale LNG-fuelled project: commissioning of the the Parties agreed to withdraw all claims
and leaseback of the GasLog Shanghai the LNG tank, first LNG bunkering operations, and terminate all ongoing arbitrations and
Partnership will not only have additional as well as further specific LNG operations and court proceedings between the parties. In
capacity to further reduce its cost base but will maintenance of the vessels. Moreover, GTT connection with the settlement agreement,
also maintain operational and commercial will provide training for the crews, supported KBR recorded the majority of the impact in its
control of the vessel for the next five years. by its proprietary G-Sim® training simulator, 2nd quarter 2021 results and expects to record
We expect this period to be robust for LNG which replicates the future LNG operations a non-material charge for final warranty items
and LNG shipping demand as the world of the vessels. GTT will also offer its HEARS® in its quarterly earnings for the period ended
transitions to more environmentally friendly emergency response service with 24/7 September 30, 2021. Additional details will be
fuel sources.” technical assistance. provided in connection with our 3rd quarter
GASLOG PARTNERS, October 13, 2021 In addition, GTT will fit these vessels 2021 earnings report.
with its “GTT Digital” platform, a “smart The settlement agreement does not impact
GTT is selected by Hyundai shipping” solution to monitor and optimise pursuit of, or positions related to, JKC’s claim
the operational performance of the vessels and against its subcontractor associated with the
Heavy Industries to equip further reduce their energy consumption and combined cycle power plant, which KBR
expects to result in a favourable cash award
environmental footprint.
the tanks of two new of GTT, declared: “This order marks the first upon resolution.
Philippe Berterottière, chairman and CEO
KBR, October 15, 2021
LNG-fuelled container collaboration on LNG-fuelled vessels between
GTT and its long-time Korean partner

Week 41 15•October•2021 www. NEWSBASE .com P13