Venture Global gets OK to introduce gas to seventh Plaquemines liquefaction block

Energy News Beat

The US FERC approved Venture Global Plaquemines LNG’s request from January 22 to commission and introduce hazardous fluids to liquefaction block 7, it said in a filing dated January 28.

Earlier this month, the regulator approved the commissioning of the liquefaction train system blocks 7 and 8 with nitrogen gas.

FERC granted the commissioning of the liquefaction train system block 1 in August 2024 and approved the commissioning of five additional blocks after that, previous fillings showed.

Venture Global took a final investment decision on the first phase of the Plaquemines project with a capacity of 13.3 mtpa and the related pipeline in May 2022. It also secured $13.2 billion in project financing.

In March 2023, the company sanctioned the second phase of the Plaquemines LNG export plant in Louisiana and also secured $7.8 billion in project financing.

The full project, including the second stage, will have a capacity of 20 mtpa coming from 36 modular units, configured in 18 blocks.

Each train has a capacity of 0.626 mtpa.

Venture Global said in its recent IPO statement it is targeting a COD (commercial operations date) for the Plaquemines project in the third quarter of 2026 for Phase 1 and the second quarter of 2027 for Phase 2.

Last month, Venture Global LNG received approval from FERC to export the first commissioning cargo from its Plaquemines LNG plant.

The approval came just a week after Venture Global started producing LNG at the company’s second facility.

With this, Plaquemines LNG became the eighth US LNG export facility.

In the meantime, the company has already delivered three Plaquemines LNG commissioning cargoes to Germany.

The 2021-built 174,000-cbm, Isabella, was on Wednesday located at the 170,000-cbm FSRU Hoegh Esperanza, which serves DET’s first Wilhelmshaven LNG terminal, its AIS data provided by VesselsValue shows.

This LNG carrier left the Plaquemines LNG facility some two weeks ago.

Earlier this month, this FSRU welcomed the first commissioning LNG cargo from Venture Global’s Plaquemines plant onboard Venture Global’s 174,000-cbm newbuild carrier, Venture Bayou.

Germany’s EnBW bought this LNG cargo from Venture Global.

Venture Global said this shipment marked over 60 LNG cargoes sent from the company into Germany since 2022.

The second commissioning LNG cargo from the Plaquemines plant was recently delivered onboard Venture Global’s 174,000-cbm newbuild carrier, Venture Gator, to Brunsbüttel, the home of the 170,000-cbm FSRU Hoegh Gannet.

 

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Brussels wants to extend the EU’s gas storage mandate beyond 2025

Energy News Beat

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Africa commits to electricity plan for 300 million people

Energy News Beat

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Leaders have adopted the Dar es Salaam Energy Declaration to drive power infrastructure

Africa commits to electricity plan for 300 million peopleAfrica commits to electricity plan for 300 million people

African leaders have pledged to provide electricity to 300 million people across the continent by 2030. The ambitious target was formalized in the Dar es Salaam Energy Declaration, adopted on Monday during the Africa Energy Summit in Tanzania.

The summit, held under the theme ‘Powering Africa for Reliable, Affordable, Inclusive, Sustainable, and Clean Energy for All’, brought together heads of state and key stakeholders to address the continent’s persistent energy crisis.

The initiative, known as ‘Mission 300’, was launched in April by the World Bank and the African Development Bank (AfDB) as part of efforts to accelerate electrification. 

Reading the declaration, AfDB Secretary-General Vincent Nmehielle emphasized the critical need for immediate action. To support the initiative, the AfDB has committed $18.2 billion, while the World Bank has pledged $22 billion. Other commitments include $2.65 billion from the Islamic Development Bank, $1.5 billion from the Asian Infrastructure Investment Bank, $1 billion from the OPEC Fund.

Several nations, including Nigeria, Senegal, Zambia, and Tanzania, have pledged to implement reforms in their electricity sectors, increase national electrification targets, and accelerate the integration of renewable energy sources.

World Bank President Ajay Banga made it clear that the organization’s financial support would be conditional on countries implementing necessary regulatory and policy reforms. “The World Bank will pay countries as part of our support only when they make the changes,” he said.

According to projections by the World Bank and the AfDB, half of the new electricity connections will come from existing national grids, while the other half will rely on renewable energy solutions such as wind and solar mini-grids.

RT

The UN Sustainable Development Group reported that approximately 600 million Africans – nearly half the continent’s population – still lack reliable access to electricity, accounting for over 80% of the global electricity access gap. Nations such as Burundi and South Sudan continue to have some of the lowest electricity access rates, according to 2022 data.


READ MORE:
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Dolphin Drilling CEO resigns

Energy News Beat

EuropeOffshore

The chief executive officer of semisub rig owner Dolphin Drilling has submitted his resignation from the company.

The resignation of Dolphin CEO Bjørnar Iversen comes into force with immediate effect. He joined the company as CEO in July 2019. Before joining Dolphin Drilling, Iversen was the CEO of Songa Offshore and held various senior management roles at Odfjell Drilling.

Jon Oliver Bryce has been appointed as the interim CEO of the company. He currently holds the position of chief strategy officer and brings over 30 years of experience in the drilling industry. Before joining Dolphin Drilling, he held senior and leadership roles at Awilco Drilling and Odfjell Drilling.

Bryce holds a degree in mechanical engineering, is on the supervisory board of the UK Chamber of Shipping, and is the chair of the British Rig Owners Association.

“We would like to thank Bjørnar for his contributions to the company over the last six years and wish him well with his future endeavours,” said Martin Nes, chairman of Dolphin Drilling’s board of directors.

The post Dolphin Drilling CEO resigns appeared first on Energy News Beat.

 

Odfjell Drilling nets $148m semisub extension with Equinor

Energy News Beat

EuropeOffshore

Norway’s Odfjell Drilling has won an extension for one of its rigs with compatriot energy major Equinor.

The deal is to extend the employment of the 2009-built Deepsea Atlantic semisub until the end of the second quarter of 2027.

The unit will operate under previously agreed terms until the mid-third quarter of 2026. The current 23-month contract has a value of about $290m.

After this, the unit will then continue with Equinor until the end of the second quarter of 2027 for an approximate incremental value of $148m excluding escalation fees, integrated services, performance bonuses, and fuel incentives.

The contract maintains further optional periods of four priced one-well options as well as three further optional periods of approximately one year each, with the rates for each period to be mutually agreed upon before exercising. If exercised, such options could keep the rig contracted into 2030.

“With this additional backlog, the Odfjell Drilling owned fleet is now fully booked until 2027 with a significant, predictable, and increasing revenue backlog,” said Kjetil Gjersdal, CEO of Odfjell Drilling.

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U-Ming books ultramax newbuild brace in Japan

Energy News Beat

Taiwanese dry bulk shipping operator U-Ming Marine Transport is expanding its fleet a brace of ultramax newbuilds in Japan.

The subsidiary of the Far Eastern Group has signed up for 64,100 dwt vessels at Oshima Shipbuilding with delivery expected in April and June 2028. No price has been revealed.

U-Ming owns and operates nearly 80 ships, including those under construction, and joint ventures. Most of the fleet comprises bulkers, but the company also trades in the VLCC, cement carrier and crew transfer vessel segments.

Last October the company booked a series of four ultramaxes at Chinese builder New Dayang for delivery in 2027 and 2028. U-Ming’s fleet list also shows a pair of capsize bulker newbuildings contracted at China’s Hengli Heavy Industry with estimated delivery in the second half of 2027.

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Seanergy expands with double buy as United ships out oldest cape

Energy News Beat

Dry CargoEurope

US-listed Greek bulker owner Seanergy Maritime has strengthened its fleet by adding two Japanese-built vessels, while its spin-off United Maritime is shipping out its oldest capesize.

The Stamatis Tsantanis-led Seanergy has picked up an unnamed 2013 Imabari-built newcastlemax and a 2011 Mitsui-built capesize for about $69m.

The 178,459 dwt capsize, which will be renamed Blueship, will initially join Seanergy’s fleet on a six-month bareboat deal, after which the company will buy the vessel for $22.5m. The 207,851 dwt newcastlemax will be renamed Meiship once it changes hands in the first quarter of this year.

Upon delivery, Seanergy’s fleet will comprise two newcastlemaxes and 19 capes with a carrying capacity of about 3.8m dwt.

“We believe that the deliveries of the two new vessels are well-timed, based on the higher level of the freight futures for the second half of 2025,” Tsantanis said.

Meanwhile, United Maritime will be banking about $15m from the 2004-built Gloriuship, which should be delivered to its new owner by mid-July. The 171,314 dwt unit was Seanergy’s oldest cape and was used to set up United back in 2022. The company currently operates eight bulkers: three capes, a pair of kamsarmaxes and three panamax vessels.

Tsantanis (pictured) said the sale was “well-timed” and at a sizeable premium over the vessel’s scrap value. The deal will positively impact the average age of United’s fleet and bolster the company’s cash reserves by some $7m after repaying the existing debt.

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Geneva Dry Dialogues: Western Bulk

Energy News Beat

Returning to Geneva Dry this April is Torbjorn Gjervik, who since last year’s summit has been promoted to CEO of Western Bulk Chartering, a Norwegian firm which tends to have anywhere between 100 and 150 ships on its books at any given time. While looking forward to the event, Gjervik is not overly enthused about immediate dry bulk prospects.

“We are not very optimistic for 2025, especially in the first half and especially in the sub-cape sector,” he says in frank conversation with Splash.

Supply growth will outpace demand growth by a margin, Gjervik reckons as the orderbook has grown significantly, and tonne-mile-adjusted demand lacks the support it had from a disrupted Panama Canal in the first half of 2024. A potential normalisation of the Suez Canal traffic is also weighing in as a potential negative factor later on this year, he warns.

The secondhand market is where you will find the better deals this year

The year 2025 has not got off to a strong start for the dry bulk shipping industry – it rarely does between Christmas and Chinese New Year. The industry is now speculating as to when the current plunge might bottom out.

“We believe the spot market in the coming months will trade at levels that, for many, are below cash breakeven. This could lead to financial strain for less resilient players in the industry,” the Norwegian tells Splash.

For this reason, Gjervik foresees prices for secondhand tonnage coming down, particularly for older or less efficient vessels.

Although prices for newbuildings are also likely to decline, the CEO expects this asset class to be much more resilient, and the gap between newbuildss and secondhand vessels ought to widen.

“Tight yard capacity and forward delivery schedules will support this resilience. We therefore believe the secondhand market is where you will find the better deals this year,” Gjervik advises.

The Norwegian assumed the top job at Western Bulk last September having served many roles within the company including heading up the North Atlantic as well as a seven-year stint in Singapore. 

Gjervik is one of more than 100 top shipping names due to attend Geneva Dry on April 28 and 29, due on stage for the Chartering Spotlight session.

“I’m looking forward to seeing people from the industry and hear what’s on their mind—it’s a people’s business, after all,” he says.

Other confirmed shipowner speakers include the likes of 2020 Bulkers, Ariston Navigation, Cetus Maritime, CTM, d’Amico Dry, Drydel Shipping, Fednav, G2 Ocean, Himalaya Shipping, Mandarin Shipping, Marfin Management, Nova Marine Carriers, Oceanbulk Maritime, Precious Shipping, Seanergy Maritime, Star Bulk, SwissMarine, Taylor Maritime Investments, United Maritime, and Wah Kwong.

Confirmed chartering speakers for this year’s event – taking place at the Hotel President Wilson on the shore of Lake Geneva – include Anglo American, Cargill, Eramet, Fortescue, Heidelberg Materials Trading, Montfort Trading, Trafigura and Vale.

Geneva Dry brings together all elements of the commodities shipping sector to host the ultimate dry bulk shipping event.

Split into sectors, panels will bring together analysts, financiers, miners, traders and shipowners to discuss where the markets are headed. Sessions include:

– Minor Bulks
– Agri-commodities
– Coal
– Iron Ore
– Decarbonisation

The full Geneva Dry agenda can be accessed here.
Geneva Dry registration, at just $780, can be accessed here.
Special Geneva Dry hotel room rates can be found here.

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Robbers attack tanker in Singapore Strait

Energy News Beat

A Greece-flagged tanker was boarded yesterday by two knife-wielding individuals while transiting eastbound in the Singapore Strait, the latest in a string of robbery incidents in the area.

The attack took place approximately 2.7 nautical miles northwest of Indonesia’s Pemping Island, according to UK maritime security specialists Ambrey.

The tanker was sailing at 9.7 knots and had an estimated freeboard of 6.35 m during the incident.

Crews transiting the Singapore Strait with freeboards lower than 10 m are advised by Ambrey they are at heightened risk with Splash reporting similar attacks in the same area repeatedly over the past six weeks.

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Crew rescued from blaze on boxship in Red Sea

Energy News Beat

The crew of the boxship that abandoned the ship which caught fire in the Red Sea has been rescued unharmed.

The Hong Kong-flagged boxship ASL Bauhinia exploded and caught fire some 226 km northwest of Hodeidah, Yemen, in the early hours of the morning on Tuesday.

The vessel is owned by Shanghai-based Asean Seas Line and operated by Emirates Shipping Lines. It was deployed on the latter’s Gulf Red Sea Connector connector between Jebel Ali to Aqaba. The 1,930 teu containership was supposed to reach Aqaba on January 31 with a stop in Jeddah on January 29.

According to reports, the explosion and fire on the 2022-built vessel were caused by hazardous cargo. Even though the vessel caught fire in an area where the Houthi have been wreaking havoc on commercial shipping since November 2023, there is no indication of their involvement in the incident.

A maritime industry official, speaking on the condition of anonymity, told The Associated Press that the 22-strong all-Chinese crew abandoned the vessel and were later rescued unharmed. The vessel is now adrift.

Analyst Lars Jensen, chief executive at Danish consultancy Vespucci Maritime, said that the situation could develop into a general average situation and that shippers with cargo on the ASL Bauhinia would be well advised to check their insurance coverage.

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