Harvey Gulf CEO Seeks to Reassure on Future of LNG Bunkering

Tuesday March 13, 2018

Harvey Gulf International Marine, which has filed for bankruptcy, has said that event should not have an adverse impact on the region's fledging liquified natural gas (LNG) bunker market.

The pro-LNG bunker fuel shipping company has a 60-strong service fleet, of which five vessels are powered by LNG with a sixth LNG-fuelled ship on order. In addition, Harvey Gulf has 637,000 cubic meters of LNG storage at Port Fourchon on the US Gulf.

Harvey Gulf chief executive Shane Guidry told price reporting agency Argus that the LNG-fuelled ships are on charters of five to 15 years duration.

In addition, he said that Q-LNG Transport, a company which Guidry formed last year last year (70% owned by himself and 30% by Harvey Gulf), is separate and not involved in the Harvey Gulf bankruptcy.

Weak oil markets pushed Harvey Gulf into administration but the company is looking to restructure to reduce interest obligations while maintaining operations with its Jones Act fleet, Argus reported.