• 2019 February 5 13:08

    Final investment decision adopted for construction of floating LNG terminal in Croatia

    In accordance with planned deadlines for the construction of the floating LNG terminal on the Island of Krk, a final investment decision was adopted on 31st January 2019, LNG Croatia says in a press release.

    The final investment decision on the construction of the floating LNG terminal project on the Island of Krk was adopted based on the results of the binding Open Season procedure which determines future revenues of the project, the projection of capital expenditures in relation to the conducted procurement procedures for FSRU vessel and EPC works (construction of jetty with auxiliary facilities and high-pressure connecting gas pipeline for the receiving LNG terminal) and the projections of required investment by the shareholders  of LNG Croatia LLC.

    The procurement procedure of the floating, storage, and regasification unit (FSRU vessel) was carried out in November 2018. The bid from company Golar was evaluated as the most economically advantageous, which offered a new conversion of the existing LNG tanker to the FSRU vessel worth EUR 159.6 million. It is an LNG carrier, which was built in 2005 and which sails under the name "Golar Viking". At the time of delivery, which is scheduled between 30thSeptember and 30th October 2020, the FSRU vessel will be delivered to the LNG terminal location from the shipyard as a new FSRU conversion in accordance with the highest technical and environmental protection standards.

    The procurement procedure for the engineering, procurement and construction of jetty with the auxiliary facilities and connecting high-pressure gas pipeline for the receiving LNG terminal was carried out in January 2019. The bid from the consortium Pomgrad, GP Krk and STSI in the amount of EUR 58.442.409,03 was evaluated as the most economically advantageous. According to the deadlines for construction, the expected start of the works is end of March / beginning of April this year.

    LNG Croatia LLC finished the binding process for booking the capacity of the LNG terminal (Open Season procedure), which resulted in capacity booking of the terminal in the amount of 0.52 bcma. An economic test on the 0.52 bcma capacity booking is positive by keeping the indicative tariffs on the level indicated in the binding Open Season procedure. In the Methodology of tariff item calculation, the grants are not shown as part of the capital expenses of the project, therefore the economic test made on a lower capacity booking than initially planned, using the same indicative tariff, is positive. In addition to the grant received by the European Commission in the amount of EUR 101.4 million, additional grant of EUR 100 million was obtained as per Government's Decision on financing the first phase of the project for the floating LNG terminal on the Island of Krk which was adopted on 30 January 2019.

    In accordance with the conducted procurement procedures the total capital expenditures of the project have been reduced to EUR 233.6 million (the initial planned investment amounted to EUR 383 million). In addition to already approved grant from the European Commission in the amount of EUR 101.4 million, the Government of the Republic of Croatia, has made a Decision on financing the first phase of the project for the floating LNG terminal on the Island of Krk with which a grant in the amount of EUR 100 million was provided. The remaining part of the required capital expenditures in the amount of EUR 32.2 million will be provided by the shareholders of LNG Croatia LLC through increase in equity. Based on the 0.52 bcma capacity booking, in accordance with the allowed income regulated by the Methodology adopted by the Croatian Energy Regulatory Agency, the investment will have a positive return on investment for the shareholders of LNG Croatia LLC.




2020 August 10

17:20 HMM joins forces with CMA CGM on TTI Algeciras operation
17:19 Commercial Port of Vladivostok's seven-month container volumes rose 8.1%
17:12 APM Terminals to acquire ALC´s container terminal in Aarhus
17:06 IMO sets remote meeting plan for September-December 2020
16:57 Capesize bulker “Wakashio” aground off Mauritius
16:47 Freight traffic at Russian seaports in Jan-Jul fell 2.1%
15:58 Seven-month coal throughput at Port Vysotsky falls 7.5%
14:27 Vostochnaya Verf launches Grachonok-class anti-saboteur boat (Project 21980) for Pacific Fleet
13:28 ONEGO Shipyard launches a self-propelled hopper barge "Morskaya"
13:22 IMO report on GHG finds a decoupling between trade and emissions in shipping
12:20 Anders Opedal taking over as president and CEO of Equinor from 2 November 2020
10:21 Diana Shipping announces time charter contract for m/v Melia with Ausca
10:17 Containerships and APM Terminals Gijon form eco-friendly intermodal solution connecting Spain, UK and Ireland
09:31 Crude futures prices take upward trend
09:06 Baltic Dry Index as of Aug 7
08:58 MABUX: Bunker market this morning, Aug10

2020 August 9

16:21 MPA launches six next-generation patrol craft to grow its frontline capabilities
15:35 Fincantieri Bay Shipbuilding prepares for Navy frigate work
14:03 NCLH reports Q2, 2020 financial results
13:27 USCG Cutter Legare offloads nearly 5,000 lbs. of cocaine, marijuana
12:49 ACBL names Mike Ellis as new CEO
11:17 POAL and ship’s master fined $432,400 for excessive speed

2020 August 8

15:32 NOAA, U.S. Navy will increase nation’s unmanned maritime systems operations
14:31 Sanmars Sirapinar commences operations in Baltic Sea
13:42 USCG accepts newest fast response cutter
12:03 SCHOTTEL propulsion for first-class expedition cruise vessels
11:18 Australia’s new icebreaker on the move

2020 August 7

18:32 Maersk revamps Europe to Middle East & Indian Subcontinent network
18:00 Rosmorport's to beef up its icebreaking fleet to 38 units in 2020
17:00 World’s first zero-emissions top handlers performing well at Port of Los Angeles
16:01 Port of HaminaKotka seven-month volume fell 16.7%
15:09 Launching of Russia’s first LNG-powered passenger ship Chaika held at Zelenodolsk Shipyard
14:21 North Carolina Ports records year-over-year increases in Fiscal Year 2020
14:09 Cargo traffic at Port Kavkaz in January-July rose 9%
13:21 ABP invests in Port of Lowestoft to support UK Southern North Sea energy sector
13:19 Krasnoye Sormovo Shipyard hosts launching ceremony for the RSD59 series MS Pola Marina
12:49 Rosmorport plans expansion of its fleet by 24 newbuilds
12:08 Jan De Nul signs contract with Dogger Bank Wind Farm
11:22 The second tanker manufactured in Azerbaijan launched for the next stage of construction
10:37 MSC’s Golden Horn service links China, Korea & Russia’s east coast
09:59 Ecochlor receives IMO BWMS Code Type Approval
09:51 MABUX: Bunker market this morning, Aug 07
09:16 Baltic Dry Index as of Aug 6
09:12 Crude futures prices turn down again

2020 August 6

19:00 FSL Trust agrees to sell three containerships
18:27 Sumitomo Heavy Industries has been granted an “Approval in Principle” for a medium-size high-pressure LNG dual-fueled tanker
18:21 Port of Rostov-on-Don seven-month volume rises 4% to 12.7 million tonnes
18:07 ICTSI 1H2020 net income down 12% to US$113.4mln
17:26 Royal IHC awarded major contract for supply of FPSO equipment for Yinson
17:25 Vodohod’s newbuild Mustai Karim arrives at Saint Petersburg
16:36 Nevsky Shipyard launches the Pavel Leonov, last ship of PV22 series duo
16:15 North Sea Port, Flemish Waterways plc, Port of Antwerp, Port of Oostende, Port of Zeebrugge, the Agency for Maritime and Coastal Services, and the Joint Nautical Management to introduce SWINg in 2021
15:43 Zelenodolsk Shipyard to host tomorrow launching and keel-laying ceremonies
15:41 Maritime Autonomous Surface Ships Port Network was established in Singapore
14:27 MABUX Bunker Weekly Review
13:54 Tolyattii bound heavylift project cargo successfully handled at Port Bronka
13:27 Alaska Marine Lines rail barges upgrade ballast systems
12:46 Davie confirms polar leadership with icebreaker launch
12:35 Transit container transport by RZD network soars 30% in Jan-Jul
11:40 CMA CGM to launch its ever-faster service connecting Spain with Algeria