New Fortress Energy Inc. (NFE) has agreed to sell its stake in Golar LNG Ltd.’s floating liquefied natural gas (FLNG) production platform in Cameroon as it focuses on increasing utilization of its fleet and strengthening returns to investors. New York-based NFE will sell its stake in the 2.4 million metric ton/year platform Hilli Episeyo for…
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Golar LNG Eyes Shipping Spin-Off as Upstream Emphasis Grows
Bermuda-based liquefied natural gas (LNG) specialist Golar LNG Ltd. may spin off its shipping unit amid a positive outlook for freight rates. CEO Karl Fredrik Staubo said recently strong demand in Asia, along with new International Maritime Organization decarbonization rules that would cut the number of active older LNG carriers starting in 2023, is likely…
Flex, Golar and Teekay See Profits Rising as LNG Shipping Market Tightens
A trio of international liquefied natural gas (LNG) shippers saw improved financials in the first quarter as demand grew and prices strengthened. Flex LNG Ltd., Teekay LNG Partners LP and Golar LNG Ltd. reported stronger demand for time charters as spot prices in Asia shot up in January and the cooldown in February was short-lived,…
New Fortress Gains Foothold in Brazil, Adds LNG Shipping in $5B Acquisition
New Fortress Energy Inc. said Wednesday it is acquiring Golar LNG Partners LP (GMLP) and Hygo Energy Transition Ltd. in a deal valued at $5 billion that expands operations in Latin America and provides liquefied natural gas (LNG) shipping assets. Hygo is a 50-50 joint venture between Golar LNG Ltd. and a fund managed by…
Golar Affiliate Files for IPO to Buildout LNG Import Infrastructure
Golar LNG Ltd. said a joint venture it formed with New York City-based Stonepeak Infrastructure Partners has filed for an initial public offering with the U.S. Securities and Exchange Commission (SEC) to better build out import terminals and downstream natural gas assets across the world. Hygo Energy Transition Ltd., formerly known as Golar Power Ltd.,…
NGI The Weekly Gas Market Report
LNG Carriers See Tough Year Ahead on ‘Unprecedented Demand Destruction’
Liquefied natural gas (LNG) shipowners that recently capped off first quarter earnings season see a grim outlook for most of 2020 as global supplies teem, prices have cratered and demand wavers.
LNG Tanker Owners Launch Pooling Effort
A trio of liquefied natural gas (LNG) carrier owners has formed a pool through which their vessels operating in the spot market will be contracted for charters of up to 12 months. The idea is to lower costs and improve contracting efficiencies, a representative of one of the participating companies told NGI.