Gunvor to charter Flex LNG vessel for up to 10 years
Commodity trader Gunvor Group will charter a liquefied natural gas (LNG) carrier from shipping firm Flex LNG for up to 10 years, the two companies said.
Geneva-based Gunvor, which has said it wants to take a lead in energy transition by investing in cleaner natural gas, last year became the biggest trader in the burgeoning LNG market.
The initial contract is for five years, with options to extend to 10, the firms said. The vessel, with capacity to transport 173,400 cubic metres of LNG, is under construction at Korean yard Daewoo Shipbuilding & Marine Engineering.
“We look forward to taking delivery of one of the most technologically advanced LNG vessels in the world to serve our long term portfolio,” Gunvor co-head of LNG Kalpesh Patel said in a statement.
The vessel, to be called Flex Artemis, is scheduled for delivery in August of next year. The terms of the time charter contract were not revealed, except to say that it will partly be based on a variable rate.
“We are very pleased to enter into this long-term charter with a top-tier customer like Gunvor,” Flex LNG Management CEO Oeystein Kalleklev said.
Listed in New York and Oslo, Flex LNG is controlled by Norwegian-born billionaire investor John Fredriksen. (Reporting by Terje Solsvik; Editing by Kim Coghill)
The continued expansion of natural gas trade is led primarily by growth in the LNG sector, which has tripled over the past 3 yr.
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GasPro 2.0: A Webcast Symposium
Following on the heels of the highly successful GasPro 2.0 Webcast Symposium in October 2018, the second GasPro Webcast Symposium 2.0 will take place on October 24, 2019.
The 2019 web event will gather experts in the fields of LNG, gas processing, and gas transport/distribution to share their operations expertise, engineering and design solutions, and technology advances and trends with our audience.
Attendees will learn about technology and operational solutions and deployments in a number of areas: plant design and expansion, construction, NGL production, optimization, sulfur removal, marine operations and separation technology.
October 24, 2019 08:30 AM CDT