World News
Teekay Orders Fuel-Efficient LNG Carriers
Teekay LNG Partners L.P. [NYSE:TGP] (Teekay LNG) says it has ordered two new fuel-efficient liquefied natural gas (LNG) carriers, with an option for three more vessels, from Daewoo Shipbuilding & Marine Engineering Co. Ltd. (DSME).
The 173,400 cubic meter capacity ships, scheduled for delivery in the first half of 2016, will include M-type, electronically controlled gas injection (MEGI) twin engines, which promise more fuel efficiency and lower emissions than typical engines used in LNG shipping.
"The delivery of these vessels is timed to coincide with the next wave of increased demand for LNG carriers which is expected when a large number of new LNG export projects come on-stream commencing from late-2015," said Peter Evensen, chief executive officer of Teekay GP LLC.
Evensen said the ships will be ideal for moving LNG exports from the U.S., since they will be among the largest LNG carriers capable of going through the Panama Canal after its expansion project.
"In addition, we are confident these newbuildings will be especially attractive to our customers given their fuel-efficient engines as well as being built to a high specification at DSME," he said.
A recent analysis by LNG shipping company Hoegh LNG AS found that the LNG market may have a glut of tankers in 2014 and 2015, but new projects and growing demand are likely to support more LNG shipping capacity after that.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 571.50 | 1.50 | 666.50 | 3.50 |
| Rotterdam | 515.00 | 1.50 | 662.50 | 0.50 |
| Houston | 542.50 | 5.00 | 656.50 | 2.00 |
| Fujairah | 560.50 | 6.50 | 742.00 | 4.50 |
| Global 20 Ports Average | 585.00 | 3.00 | 749.50 | 1.00 |
| Global 4 Ports Average | 547.50 | 3.50 | 682.00 | 0.50 |
| Global Average Bunker Price | 634.00 | 2.00 | 805.50 | 1.50 |
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