Geopolitical events drove gas into the spotlight, with LNG and FSRUs emerging as critical commodities to ensure Europe’s energy security, says LNG Shipping & Terminals editor John Snyder
After being shunned as a dirty fossil fuel unfit for a role in the global clean energy transition, LNG took centre stage in ensuring Europe’s energy security as the continent pivoted from Russian gas in the wake of Russia’s invasion and war against Ukraine.
The themes of climate change and the war dominated 2022, and it looks as though they will continue to shape the near-term outlook and demand for LNG. Below are seven stories hand picked by our editor as defining the LNG industry in 2022.
The Ukraine war, the LNG industry and the ramifications
Senior LNG shipping industry figures took on the subject of Russia’s war against Ukraine and how the war is affecting the LNG industry.
Tumultuous times create positive outlook for LNG industry
As the world moves to greener fuels, LNG will continue to be a major player in the transition, writes Howe Robinson Partners LNG senior broker, Debbie Turner.
Maran gas order noses up LNGC newbuild prices to US$253M
In November, contracts signed by South Korean and Chinese shipyards included one for a single vessel inked by Maran Gas Maritime that hit US$253M – the highest level of the year.
Skyrocketing charter rates propel LNG ship values higher
The Russia-Ukraine war, global gas demand and tight vessel supply drove time charter rates to US$440,927 per day in late October, sending newbuilding prices up more than 20% year-on-year and ship valuations, too.
Europe snaps up FSRUs to speed energy security
Using floating storage and regasification units, EU governments fast track plans for new LNG import terminals to replace Russian natural gas volumes.
South Korean shipbuilders ‘soak up’ Qatari-related LNGC orders
The first phase of Qatar Energy’s massive LNG carrier programme is underway, with contracts signed with South Korean shipyards to construct 54 vessels – with additional contracts signed with Chinese shipyards for newbuilds. Look for continued robust ordering from Qatar in 2023.
BP loads first LNG cargo from Mozambique FLNG
Coral Sul FLNG began commercial operations in November, becoming Africa’s first ultra-deepwater floating LNG vessel, as Mozambique emerges as the world’s newest LNG exporter and a new supplier to Europe. Along with the US and Qatar, Africa will play a major role in supplying Europe with much-needed LNG.
