World News
Teekay to Build Two More Fuel-Efficient LNG Carriers
Teekay LNG Partners L.P. [NYSE:TGP] (Teekay LNG) says it has exercised options with South Korea's Daewoo Shipbuilding & Marine Engineering Co., Ltd., (DSME) to build two fuel-efficient liquefied natural gas (LNG) carriers.
The 173,400 cubic metre capacity ships will be built for delivery in 2016, and come in addition to the two vessels Teekay LNG announced in December last year.
The newbuildings are all being constructed with the M-type, Electronically Controlled, Gas Injection (MEGI) twin engines, which the company says it expects to be significantly more fuel-efficient and have lower emission levels than other engines currently used in LNG shipping.
"The delivery of these two additional 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," commented Peter Evensen, Chief Executive Officer of Teekay GP LLC.
"Given the strong fundamental outlook in LNG shipping, combined with the optimized design of these vessels, we are confident in our ability to secure fixed-rate charter contracts for these additional two newbuildings, which will provide Teekay LNG with further visible built-in growth."
The company added it has also secured options from DSME which will enable it to order up to five additional LNG carrier newbuildings in the future.
LNG shipping company Hoegh LNG AS in December warned new orders of LNG carriers may exceed production growth in the short term, despite anticipated big growth in demand for natural gas in the coming years.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 504.50 | 2.50 | 620.00 | 3.00 |
| Rotterdam | 456.00 | 1.50 | 621.50 | 2.00 |
| Houston | 476.00 | 7.00 | 624.00 | 1.00 |
| Fujairah | 496.50 | 2.00 | 713.00 | 2.50 |
| Global 20 Ports Average | 526.50 | 0.50 | 712.00 | 0.50 |
| Global 4 Ports Average | 483.00 | 2.00 | 644.50 | 0.50 |
| Global Average Bunker Price | 570.50 | 1.50 | 751.00 | 1.00 |
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