By George Georgios

 

 

New deals for floating natural gas storage and regasification units (FSRU) have been sealed by Greek shipowners as demand remains particularly high amid turbulence in the energy landscape.

 

We have had developments in the last few days in a project that GasLog Partners, of Peter Livanou's interests in Australia, is "pursuing". In particular, the US-listed company, in a statement to the US Securities and Exchange Commission (SEC), identified the vessel in the fleet that is expected to be converted into an FSRU to serve the newly established Outer Harbor terminal in Adelaide, South Australia.

 

The shipping company is in advanced negotiations with the terminal manager, Venice Energy (an Australian energy company) for the conversion of the oldest LNG carrier in the fleet, the Methane Jane Elizabeth (capacity 145,000 cubic meters and built in 2006).

 

As GasLog Partners points out, following the final agreement of the charter terms, the fulfillment of customary closing conditions, including the receipt of a Final Investment Decision (FID), the Methane Jane Elizabeth will undergo modifications to convert to an FSRU.

 

Delivery of the new Venice unit, to which it will be chartered for 10 years, is expected no later than the fourth quarter of 2025.

 

According to what he had said in a call with analysts, the CEO of GasLog Partners, Paolo Enoizi, the Final Investment Decision is expected by the middle of this year, while the construction cost is 100 million dollars and its duration exceeds eight months .

 

Based on the Australians' plans, the new infrastructure in the Outer Harbor will be the only imported LNG facility in South Australia and the first in the world to be powered by renewable energy.The fleet of GasLog and GasLog Partners includes a total of 39 LNG carriers, including four ships under construction.

 

The Maran Gas deal

 

At the same time, Excelerate Energy, listed on the American stock exchange, secured a large loan to buy the FSRU Excelerate Sequoia (capacity 173,611 cubic meters and built in 2020) from Maran Gas, the LNG carriers arm of the Maria Angelikousis group of interests.

 

It is noted that the FSRU in question was ordered by the Greek shipping company and later agreed with Excelerate Energy for a five-year bareboat charter (in this charter, the charterer acquires, for the agreed time, full control and possession of the ship), under which the latter had a right to purchase the steamer. So now Excelerate Energy will exercise the option and buy the FSRU. Maran Gas controls 45 LNG carriers and is running a shipbuilding program for 12 more.