World News
China, Greece to Invest in Five Arctic LNG Carriers
Three major Chinese and Greek shipping firms are in talks to build five vessels worth $1.59 billion that will ship liquefied natural gas (LNG) from the Arctic, Chinese media reports.
According to a China Merchants Energy Shipping statement, China Merchants subsidiary China LNG Shipping and Sinotrans Shipping are each taking a 25.5 percent share of a proposed joint venture, while Athens-based shipping firm Dynagas will take a 49 percent share in its first foray into LNG shipping.
The ships will be used to transport gas from the Yamal LNG project, a $27 billion joint venture under construction by Russia's Novatek, France's Total group and China National Petroleum Corp.
There was no word on when construction will commence on the vessels, but the announcement follows a growing number of companies considering the feasibility of shorter routes through the arctic.
Debate swirls over the prospect of increased Arctic transportation, with environmental regulations and other considerations cited as factors that might dissuade shipping companies from exploiting the new routes.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 602.50 | 13.50 | 676.00 | 10.00 |
| Rotterdam | 540.50 | 6.50 | 665.50 | 18.00 |
| Houston | 552.50 | 21.50 | 685.50 | 25.00 |
| Fujairah | 592.50 | 17.50 | 783.00 | 10.00 |
| Global 20 Ports Average | 615.00 | 12.00 | 757.00 | 15.00 |
| Global 4 Ports Average | 572.00 | 14.50 | 702.50 | 16.00 |
| Global Average Bunker Price | 653.00 | 9.50 | 824.50 | 9.50 |
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