Page 16 - GLNG Week 32

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nEWs in BRiEf
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Inpex notes Ichthys flows
67 LNG cargos from the Ichthys LNG Project have been shipped from the Darwin terminal to date, of which 55 LNG cargos shipped from the Darwin terminal by the end of June 2019. inPEx, August 8, 2019
EURoPE
Unloading slots available at the Zeebrugge LNG Terminal
Please note that the following slots are currently available at the zeebrugge LNG terminal providing easy access to the Belgian & adjacent EU markets:
19 August 2019 on sale by EDF trading 30 September 2019 on sale by Fluxys LNG Price per slot: € 585.531,36 (indicative
price - index July 2019).
LNG from anywhere in the world can be
transported by LNG carrier to zeebrugge and Dunkirk and be unloaded there.
flUxys, August 9, 2019
Novatek posts impressive margins for Yamal LNG
e Yamal LNG project of Russia’s biggest independent gas producer Novatek reported
impressive 1H19 IFRS results on August 9. “Pro tability remained impressively resilient despite a weak gas pricing environment and mostly spot LNG sales,” Sberbank CIB said in a note.
total estimated Ebitda from the project, including the trading margin, stood at
an impressive $5.0/MMBtu, according
to Sberbank CIB, with LNG spot prices averaging $5.5-6.5/MMBtu.
e overall project economics were virtually in line with the bank’s model assumptions despite much weaker gas market conditions in 2Q19-3Q19 and provide
solid upside going into 2020-21 in light of a capacity utilization increase and a rising share of long-term oil-linked o ake.
“Meanwhile, we expect a substantial reduction in capex and pickup in shareholder loan repayment going forward,” Sberbank said.
Yamal LNG posted revenues of $2.3bn in 1H19, while Ebitda stood at $1.9bn, down just 5% half-on-half even though spot gas prices dropped 40-45% h/h.
“ e results were mainly supported by a 64% h/h surge in LNG shipments to 9.1mn tonnes, the start of some long-term oil-linked o ake contracts and export duty-exempt condensate sales (liquids output rose 20% h/h),” Sberbank CIB said. “All of the above more than o set the weak spot gas market environment (prices dropped 40% h/h) and the remaining high share of spot sales.”
Ferguson Marine faces government ownership
A Scottish shipbuilder, which is going into administration, is on the brink of being taken over by the government. Ferguson Marine, which operates a site at the Port
of Glasgow, employs around 350 people. Its financial difficulties have been linked to a contract for two innovative dual-fuel ferries, which will run on LNG and diesel. the company has said it expects to lose GBP40mn on the Calmac contract with Caledonian Maritime Assets Limited (CMAL).
Scottish Economy Secretary Derek Mackay has said the government
is ready to takeover the company, which would save the jobs and ensure the ferries are completed. the company’s directors filed notice of their intent to enter administration last week.
Ferguson Marine is owned by Clyde Blowers Capital, which is led by Jim McColl. the businessman
has opposed the government’s plans. Speaking to the Mail on Sunday, McColl said the plan would damage the economy and made “no economic sense”.
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Week 32 15•August•2019