Page 18 - GLNG Week 25

GLNG NEWS IN BRIEF GLNG

by at least 20%, and it meets all the current
and forthcoming regulations set out by the
International Maritime Organisation and the
EU. Furthermore, LNG is suitable for all vessel
types.
Gasum’s bunker vessel Kairos started
operating in 2019 and is mainly operating in
the North Sea and the Baltic Sea. The vessel
became a part of Gasum’s fleet of LNG BSV
when the company took over Nauticor’s
marine bunkering business in April 2020.
“The bunkering operation was a great
owner Wallenius SOL expects these New has carried out gas-trial and gas-up/cool- success because of a close cooperation
Building vessels to join their shipping fleet gown operations for more than 150 vessels between our teams onshore and at sea and
and start operation as soon as possible. Even since 2005. Gas-up is one of the mandatory the shipyard. Kairos has proven again that
though the global COVID-19 pandemic is procedures an LNG carrier must perform to the vessel is a valuable asset for us in our aim
still quite critical, Wallenius SOL remain its make the vessel commercially ready to receive to develop the Northern European market
fleet operating with full capacity as usual LNG cargoes. for LNG as maritime fuel and we are looking
through the strong marketing capability and Excelerate Sequoia joins Excelerate’s forward to reaching more milestones on our
professional team in the company. existing fleet of nine FSRUs, all built by way to make transport more sustainable,”
CIMC RAFFLES, June 22, 2020 DSME. Excelerate Technical Management, a adds Jacob Granqvist, sales director, LNG
wholly-owned subsidiary of Excelerate, will Maritime, Gasum.
Excelerate takes delivery of provide ship management for the vessel. GASUM, June 22, 2020
EXCELERATE ENERGY, June 23, 2020
its tenth FSRU, Excelerate Awilco LNG – Amendment

Sequoia EUROPE to sale/leaseback financial

On June 10, 2020, Excelerate Energy Gasum’s subsidiary covenants
took delivery of its tenth floating storage
regasification unit (FSRU) the Excelerate Nauticor conducts first Awilco LNG is pleased to announce it has
Sequoia from Daewoo Shipbuilding and agreed with CCB Financial Leasing (CCBFL)
Marine Engineering (DSME) shipyard in ship-to-ship LNG bunkering to make certain temporary amendments
South Korea. The vessel has a storage capacity to financial covenants in the sale/leaseback
of 173,400 cubic meters and is capable operation for the newbuild facilities for the WilForce and the WilPride.
of operating as both an FSRU and a fully The required minimum consolidated cash
tradable LNG carrier. In September of last cruise ship Iona and cash equivalents financial covenant of
year, Excelerate and Maran Gas Maritime Inc. $10.0mn has been reduced to $2.0mn and the
(MGM) signed a five-year bareboat charter On June 18, Hamburg based LNG supplier required consolidated positive working capital
agreement (BBC) for the FSRU. Excelerate Nauticor, a subsidiary of the Nordic energy financial covenant has been waived, both
will have the option to purchase the Excelerate company Gasum, has conducted the initial effective for a six-month period from July 1,
Sequoia during the five-year BBC. ship-to-ship LNG bunkering operation for 2020 to December 31, 2020.
“We are pleased to have the Excelerate the newbuild cruise ship Iona. The bunkering The amendments to covenants are a
Sequoia in our fleet to serve our portfolio of operation was conducted by Gasum’s LNG precautionary measure as a result of the
regasification customers,” stated Excelerate’s BSV Kairos in the port of Bremerhaven. The current weak market conditions in LNG
President and Managing Director Steven operation also marked another milestone with transportation as a consequence of Covid-19
Kobos. “Since the delivery of the industry’s it being the first ship-to-ship LNG bunkering leading to a temporary reduction in demand
first FSRU in 2005, our technology has operation in this port in general. for energy.
allowed us to quickly and reliably open Iona is one of the world’s first LNG-fuelled Market analysts expect an improvement of
new natural gas markets around the world. cruise ships. The vessel is in the final outfitting the LNG shipping market in the second half
We have seen firsthand the difference our phase at the Meyer Werft shipyard. After of 2020 as the world reopens from lockdowns
floating regasification terminals have made the outfitting and sea trials has been done, and economies recover.
in communities who would have otherwise the vessel will join the fleet of P&O Cruises. Jon Skule Storheill, CEO of Awilco LNG
been locked out. We will continue to deliver The vessel is part of a series of vessels for the ASA, stated: “We are very pleased with the
affordable, clean energy to markets that need Carnival Corporation with their different support CCBFL has shown the company in
it.” brands. this extraordinary and temporary situation
The vessel completed its first gas-up and LNG is the cleanest available marine fuel, underlining the excellent cooperation and
cool-down operations at POSCO Energy’s and it’s rapidly becoming the most commonly positive relationship between the parties.”
Gwangyang LNG Terminal in Jeonnam, used alternative to traditional fuels. The use of AWILCO LNG, June 22, 2020
South Korea on June 21, 2020. The terminal LNG significantly improves local air quality
is Korea’s first private LNG terminal and as well as reducing greenhouse gas emissions

P18 www. NEWSBASE .com Week 25 26•June•2020