Page 14 - GLNG Week 40
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GLNG
NEWS IN BRIEF
GLNG
(NBP). Europe’s interconnected natural
gas infrastructure allows it to absorb LNG arriving on the continent and has propelled the adoption of TTF Futures and Options as risk management tools for commercial traders to manage their exposure to global natural gas price volatility. TTF volume is up 97% year- over-year, versus 1,027,977 lots in September 2018.
In Asia, LNG liberalisation – driven by the surging supply of destination-free LNG from the USA – has enabled the creation
of Asia’s rst natural gas benchmark in the Platts LNG Japan Korea Marker (JKM). ICE JKM LNG (Platts) Futures hit an all-time volume record in September of 55,838 lots, equivalent to approximately 180 cargoes, and hit an open interest record of 67,025 lots. ICE JKM LNG (Platts) volume is up 323% year- over-year, versus 13,199 lots in September 2018. Open interest in ICE JKM LNG (Platts) Futures and Options is up 228% at 70,166,
versus 21,397 lots in September 2018.
INTERCONTINENTAL EXCHANGE, October 09, 2019
MIDDLE EAST
International Seaways announces sale of ownership interest in LNG joint venture
International Seaways (INSW), one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products in International Flag markets, announced today that the company has sold its 49.9% ownership interest in
its joint venture with Qatar Gas Transport
Company (Nakilat), which owns four lique ed natural gas (LNG) carriers to Nakilat for $123mn in cash.
“Nakilat and INSW worked in partnership to conclude this transaction, demonstrating the high level of teamwork the companies have shared for over 15 years,” said Lois K. Zabrocky, International Seaways’ President and CEO. “Nakilat continues to be a very valued INSW partner and remains an important part of our ongoing commitment to our business relationships in Qatar. By monetizing our interest in the joint venture, we unlocked signi cant value for shareholders and further strengthened our balance sheet.”
Je Pribor, the company’s CFO, added: “ is important transaction positions INSW to further our capital allocation strategy. Following our success growing and renewing our eet, deleveraging and returning cash to shareholders remain our top priorities.” INTERNATIONAL SEAWAYS, October 07, 2019
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Week 40 10•October•2019
