Page 14 - GLNG Week 35 2021

GLNG NEWS IN BRIEF GLNG

expenditure (CAPEX) for its customers. of unsecured, interest free seller financing. Annual Efficiency Ratio (AER – g-CO2 /ton
Additionally, the low energy demand of the The three vessels are the LNG/C Aristos I mile) and are expected to further reduce the
process combined with the non-corrosive built in 2020, and the LNG/C Aristarchos and environmental footprint of the Partnership in
nature of the solvent keeps operating and the LNG/C Aristidis I built in 2021, all three terms of other greenhouse emissions, as their
maintenance costs (OPEX) low. The process constructed at Hyundai Heavy Industries. The primary propulsion fuel is natural gas.
also provides a high level of gas purity and LNG/C Aristos I and the LNG/C Aristarchos CAPITAL PRODUCT PARTNERS, August 31,
product gas recovery while keeping solvent are expected to be delivered to the partnership 2021
losses to a minimum. by September 15, while the LNG/C Aristidis
Andreas Northemann, Head of BASF’s I is expected to be delivered by the end of Gas prices top $600 per
Gas Treatment business, says: “We are proud November 2021.
to now have our first FLNG reference in The LNG/C Aristos I and the LNG/C 1,000 cubic metres
operation and running at 100% capacity, Aristidis I are under long-term time charters
which is the fruit of many years of research. with BP Gas Marketing, which together Short-term futures for gas prices on the Dutch
We applied our on-shore LNG expertise and with the first two optional periods, expire TTF spot index for ICE Futures for October
conducted motion studies and Computational in October 2027 and December 2027, continued to rise on August 30, climbing
Fluid Dynamics (CFD) to ensure a high respectively. In view of the structure of the BP to €49.26 per kWh, or $600 per 1,000 cubic
reliability, low maintenance design which charters, we believe that the first two optional metres, according to the exchange’s data as
meets our customer’s stringent off-shore periods are highly likely to be exercised under reported by the Kyiv Post.
specifications and challenges.” most market conditions. BP holds additional Trading on August 27 finished up at the
BASF, September 02, 2021 options, which could extend the charter of value of $586 per 1,000 cubic metres – about
the vessels to October 2032 and December triple the level for the same period a year
2032, respectively. The LNG/C Aristarchos is earlier.
EUROPE under a long-term time charter with Cheniere The new gas year begins in October.
Marketing International LLP (“Cheniere”), Gazprom has a long-term reservation of
Capital Product Partners which expires in February 2025. Cheniere transit capacities through the Yamal-Europe
holds two 1-year options beyond that.
gas pipeline until the end of September. The
announces the acquisition vessels under the charters is approximately Russian company did not book capacities
The total contracted revenue for all three
of the pipeline at past annual and quarterly
of three latest generation $391.0mn, the average remaining charter auctions.
The launch of the almost completed
duration is 5.6 years and average daily rate
LNG carriers across all three vessels is approximately Nord Stream 2 gas pipeline is anticipated
$67,630 per day. These figures are inclusive
in September and that may bring prices
Capital Product Partners, an international of the first two optional periods under the down. Issues concerning the regulation of
owner of ocean-going vessels, today BP charters. This translates into an increase the pipeline’s operation are currently under
announced that it has agreed to acquire three of approximately 86% in contracted revenues consideration by the EU that may rule Russia’s
174,000 cubic metre (cbm) latest generation compared to the Partnership’s current fleet, Gazprom cannot both own the pipeline and
X-DF LNG carriers from CGC Operating, for with an expected increase of the remaining use it.
total consideration of $599.5mn comprised charter duration to 4.6 years. The acquisition Gas prices have been driven up by a
of (i) $147.1mn of cash on hand, (ii) the will also reduce the average fleet age from 10.4 combination of high demand and technical
assumption of the $427.4mn of secured years to 8.8 years. Importantly, the LNG/C outages in transport over the summer due to
debt, (iii) the issuance of $15.0mn of new vessels are expected to be approximately maintenance and an accident.
common units of CPLP at a premium to the 23% more energy efficient compared to the
current trading unit price and (iv) $10.0mn 2020 fleet average of CPLP in terms of their

P14 www. NEWSBASE .com Week 35 03•September•2021