• 2019 November 7 12:27

    Board of KN adopted principle decisions on securing long-term LNG import

    The Board of KN (AB „Klaipėdos nafta“), the Oil and LNG Terminal Operator, adopted decisions to secure long-term LNG import to Lithuania by acquiring liquefied natural gas (LNG) storage unit “Independence” or another floating liquefied natural gas storage unit (FSRU) by the end of 2024. According to the company’s press release, a decision has also been passed to contact the National Energy Regulatory Council (hereinafter - NERC) immediately to optimize terminal costs thereby reducing the cost of LNG terminal infrastructure for consumers by EUR 27 million per year from 2020.

     “Estimates show that the LNG terminal will provide economic benefits for Lithuania and gas consumers of the region after 2024. As a reliable alternative for gas import, the LNG terminal will ensure competition in the gas market and contribute to the energy security of the state. In turn, this provides Lithuania with opportunities for regional leadership in the energy sector and for KN to further actively develop the cross-border LNG chain of value,” says Arūnas Molis, the director of KN Klaipėda LNG.
     
    Final decisions on the specific choice and conditions of the floating liquefied natural gas storage vessel will be approved by the Board of KN, and this decision is expected to be made by the end of 2022. 
     
    In order to implement the decisions on the reduction of the security component, which could be implemented already from 2020 onwards by reducing the security component by about EUR 27 million, the company plans to borrow up to EUR 135.5 million from the Nordic Investment Bank (hereinafter - the NIB).  This loan would be used to finance the rent payable for the LNG storage unit. The loan repayment would be secured by a state guarantee, which has already been agreed with the European Commission (EC) and will also have to be approved by the Seimas.

    “The decisions passed are extremely important as they provide the basis for the company to initiate specific actions to optimize LNG costs as quickly as possible. Of course, this is only one element in the state’s overall goal to reduce the security component. Smooth cooperation between decision-makers, including the NERC, will be crucial for its quickest possible implementation,” says A. Molis.
     
    A. Molis emphasizes that KN will propose to the NERC to reduce the security component upon the condition that an agreement with the NIB for the necessary loan is finalised and the State guarantee for this loan is activated. In addition, the Company’s management is committed to agree with financial institutions regarding financing for the acquisition of FSRU by the end of April 2020, and to ensure the respective state aid clearance for these loans by the end of May 2021.
     
    “We strive to implement the actions set forth in the Law on LNG as quickly and efficiently as possible. The entire process of achieving the overall goal of securing long-term LNG supply to the country remains extremely complex, so at this point we are keeping all decisions focused within KN and we are focusing on the next, but no less important phase related to the acquisition of the LNG storage unit,” says A. Molis.
     
    The decisions of the Board of KN must be approved by the shareholders of KN at the General Shareholders Meeting.




2019 November 17

16:12 Port of Dover wins ESPO Award 2019
14:47 Aker Solutions and leading operators join forces to qualify subsea gas separation
14:12 Wight Shipyard Co to build an innovative hybrid CTV for CWind
12:42 PSA Marine and Wartsila join hands to tackle climate emergency
11:38 A.P. Moller-Maersk improves operational profitability
10:15 ABS and Arista launch smart shipping journey

2019 November 16

16:42 Team Tankers International Ltd. announces Q3 2019 results
15:02 GasLog places NOK 900M of senior unsecured bonds due 2024
14:23 BTG and GoodFuels preparing for major investment in bio-refinery to support shipping’s low carbon fuels demands
13:41 Third L-class delivered in China
12:32 Seaspan to purchase a fleet of six containerships on long-term charter for $380 million
11:28 Mammoet inks agreement with Port of Coeymans Marine Terminal to strengthen presence along East Coast
10:18 Metal Sharks delivers pilot boat duo to BCMT

2019 November 15

18:09 Coast Guard medevacs cruise ship Aida Perla passenger just off Ponce, Puerto Rico
17:48 Sovcomflot reports its results for third quarter and nine months of 2019
17:23 Wärtsilä and PSA Marine collaborate to achieve clean energy shipping
17:15 Bollinger Shipyards contracted to build ocean transport barge
17:00 Composit supports 7th International Forum of Dredging Companies as its Sponsor
16:57 Ulstein unveils its concept of the first hydrogen powered offshore vessel
16:36 RF Government separates positions of Deputy Transport Minister and head of Rosmorrechflot
16:14 IMO holds training on impacts of anti-fouling systems and ships’ biofouling on marine environment
15:39 Norway boosts IMO's GreenVoyage-2050 GHG project
15:11 New Wärtsilä Expertise Centre provides value-adding lifecycle support
14:57 LUKOIL commissions phase three facilities at Filanovsky field
14:30 NSR cargo traffic totaled 26 million tonnes year-to-date, up 63.5% YoY
14:13 Georgia Ports Authority up 3.5 percent to 428,400 TEU in October 2019
13:13 Diana Shipping announces direct continuation of time charter contract for m/v Medusa with Cargill
12:51 Multipurpose Reloading Complex reports 4-fold increase of allocations for environment protection to RUB 11.5 million
12:32 ABI Research: Commercial fleets looking to tech to accelerate ROI in the face of rising costs, competition, and uncertainty
12:13 Port of Oakland names Danny Wan Executive Director
11:28 ESL Shipping participates in Intelligence Hunt
11:00 CMA CGM to apply GRI from Canada West Coast to worldwide destinations (Excluding EU, Russia & USA)
10:41 Delft Dynamics, Next Ocean and Damen perform qualification test in North Sea
10:40 Gremyashii corvette of RF Navy’s Nothern Fleet to be tested in White Sea
10:16 Training ship Perekop of RF Navy's Baltic Fleet arrives in Republic of Myanmar
09:54 Bunker prices go down at the port of Saint-Petersburg, Russia (graph)
09:39 MABUX: Bunker market this morning, Nov 15
09:32 Brent Crude futures price is up 0.45% to $62.56, Light Sweet Crude – up 0.51% to $57.06
09:13 Baltic Dry Index is up to 1,364 points

2019 November 14

18:19 French Prime Minister Edouard Philippe inaugurates CEVA Logistics’ new headquarters in Marseille
18:00 Boosting handling of cargo bound for Arctic considered as strategic development vector of Murmansk Commercial Seaport
17:41 Port of Liepaja (Latvia) handled 5.92 million tonnes of cargo in 10M'2019, down 5.1% Y-o-Y
17:20 Gasunie, EBN, Port of Amsterdam and Tata Steel work together on the development of a CCUS project in the North Sea Canal area
16:49 Hung Hua Construction of Taiwan orders third Fast Crew Supplier this year to support offshore wind ambitions
16:36 Main engines loaded onto second serial ship of PV22 project at Nevsky Shipyard
16:15 Hapag-Lloyd announces rates from East Asia to North Europe and Mediterranean
15:59 Yevgeny Savkin appointed as General Director of Novyie Kommunalnyie Tehnologii in Ust-Luga port
15:15 The ICS and ECSA call for immediate and effective intervention after yet another attack in the Gulf of Guinea
15:12 Restoration of 90 year old Amsterdam bridge by Niron Staal
14:43 Expert forecasts scrubbers to consume some 600,000 barrels of heavy fuel per day in 2020
14:14 Norway boosts IMO's GreenVoyage-2050 GHG project
13:32 Sea Port of Saint-Petersburg invested RUB 630 million in development in 9M’19, up 53% YoY
13:11 MOL earns AIP for design of bow wind-shield, ultra-large containership
12:30 Bunker prices are flat at the Far East ports of Russia (graph)
12:04 CMA CGM announces FAK rates from Asia to the Middle East Gulf
11:23 Aleksey Rykovanov appointed as General Director of Murmansk Commercial Seaport
11:01 Arista Shipping starts the path to smart shipping operations with an ocean data agreement with ABS
10:39 RF Government supports expansion of Murmansk Transport Hub capacity to 65 million tonnes by 2035
10:16 MABUX: Bunker market this morning, Nov 14
10:02 WesCom Signal and Rescue goes green at METSTRADE 2019