LNG NEWS WEEKLY DATE 05th NOVEMBER 2021

CHENIERE ENERGY EXPECTS LNG MARKET TO REMAIN TIGHT INTO 2025

US producer forges ahead with expansion plans as world discusses transition away from fossil fuels, Cheniere Energy sees
the market remaining short of LNG for the next four years as it moves to bump up its own production for the longer term.
Speaking on a results call, executive vice president and chief commercial officer Anatol Feygin said the US producer expects
the market to tighten this year. That is due to what he described as the historically low volume of final investment decisions
taken between 2015 and 2018, and despite the "substantial growth" in global demand forecast. But he said: "We now estimate
that this tight market could extend well through 2025," which is pushing buyers towards taking long-term supply contracts. In
October, Cheniere Marketing announced two new free-on-board, 13-year LNG sales for which both buyers are likely to require
shipping. It agreed to sell 0.9 million tonnes per annum (mtpa) to Chinese trader ENN LNG (Singapore) from July 2022 and
0.8 mtpa to Glencore from April 2023. Feygin said 2022 is set to be a landmark year for Cheniere, which is a major charterer
of LNG carriers, when it will have all its nine production trains running.The company is due to start producing the first
commissioning cargoes from the last of these — Train 6 at its Sabine Pass LNG facility in Louisiana — towards the end of
2021, and it moves into service early next year. Cheniere, which describes itself as the world's second-largest producer of
LNG, is closing in on greenlighting the planned Stage 3, 11.5-mtpa expansion at its Corpus Christi facility in Texas. President

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and chief executive Jack Fusco said a further 3 mtpa of sales are needed to sanction this project. But answering questions,
senior vice president and chief financial officer Zach Davis said the company has bought up adjoining land where it could add
20 million tonnes per annum of production capacity.
Bullish outlook
During its call, Cheniere, which will add cargo emission tags to its shipments from next year, did not mention the global COP26
talks in Glasgow for the world to transition away from fossil fuels. "On the long-term side, LNG market fundamentals are as
constructive for long-term contracting and the construction of new liquefaction capacity as I've seen at any point since I joined
Cheniere," Fusco said. "We are in the midst of an exciting and pivotal time in the global LNG market as the world continues
its transition to a cleaner energy mix." Feygin said the company is "quite sanguine" about the critical role of LNG and natural
gas in the energy market. He described them "both as a destination fuel as well as a key enabler in the global transition to
lower-carbon energy sources". Cheniere reported a 134% increase in its third-quarter net loss, which grew to $1.1m from
$463,000 in the same period of 2020. Revenue soared almost 120% to $3.2m from $1.5m a year earlier. The company nearly
tripled the number of LNG cargoes it exported in the three months to 141 — a quarterly record. source : www.tradewindsnews.com

VENTURE GLOBAL SIGNS LARGEST US LONG-TERM LNG CONTRACT WITH CHINA

SINOPEC
Venture Global LNG has sealed long-term liquefied natural gas supply deals with China’s Sinopec and its trading arm Unipec,
said to be the largest single LNG contract by volume ever signed by a US company. The deal, which will double imports of
US LNG to China, will see Venture Global supply 4m tonnes of LNG annually to Sinopec for 20 years from the Plaquemines
LNG export facility in Louisiana. In addition, Unipec has agreed to purchase 3.5m tonnes of LNG from Venture Global’s
Calcasieu Pass LNG facility for a shorter duration. “Venture Global will soon become the largest US LNG exporter to China,”
said Mike Sabel, CEO of Venture Global LNG. “Today’s announcement will accelerate our combined efforts to lower carbon
emissions and provide a low-cost, reliable and secure energy supply to China.” The deals were initially made public in a letter
Venture Global filed with the US Department of Energy last month, under which Sinopec agreed to purchase 2.8m tonnes on
a free-on-board basis and 1.2m tonnes on a delivered-at-place-unloaded basis. The companies did not specify the value of
the deal or when supply would start. SOURCE : https://splash247.com/venture-global-signs-largest-us-long-term-lng-contract-with-chinas-sinopec/

CAPITAL PRODUCT PARTNERS DOUBLES LNG FLEET AFTER BOND SALE HIT
US-listed Marinakis company exercises options for newbuild trio amid rising third-quarter profit. US-listed Capital Product
Partners (CPLP) has doubled the size of its LNG carrier fleet, exercising options to buy three newbuildings following a successful
bond sale in its home country of Greece, which financed part of the acquisition. The $623m purchase of the 174,000-cbm
vessels will be financed through about $168m in net proceeds from the bond issue, $439.4m in sale-and-leaseback financing
debt, as well as $15.7m cash at hand, CPLP said in its earnings release late on Thursday. CPLP's fleet primarily consists of
containerships. Its expansion into LNG carriers through newbuildings originally ordered by Capital Gas — a company controlled
by CPLP sponsor Evangelos Marinakis — is boosting its secured earnings. CPLP's contracted revenue, including options,

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surged to $1.95bn at the end of the third quarter from $625m, said CPLP chief executive Jerry Kalogiratos. The acquisition of
all six LNG carriers is expected to be highly accretive to earnings and distributable cash flow per unit," he said in the earnings
release, adding that the company would "further diversify" its revenue sources and customer base. Following a sale of the
9,288-teu containership Adonis (built 2015) during the fourth quarter of the year, CPLP will have a fleet of 21 vessels, consisting
of 14 boxships, six LNG carries and one capesize bulker. A bigger fleet helped CPLP boost earnings in the third quarter. Net
income increased by 53% year-on-year to $11.9m, while revenue jumped at an annual pace of 21% to $43.1m. In the nine
months through September, net income more than doubled to $58.2m, helped by rising revenue and gains from the sale of
the 9,288-teu MSC Brittany (ex-CMA CGM Magdalena, built 2016). source : www.tradewindsnews.com

CANADA’S ARC RESOURCES TO SUPPLY LNG CANADA

Canada’s ARC Resources said November 4 it has entered into a long-term agreement to supply 150mn ft3/day of its Montney
natural gas production to a member of the LNG Canada consortium. The agreement will commence when LNG Canada begins
operations, expected in 2025. The consortium member was not identified. Each of the five LNG Canada joint venture partners
will provide an estimated 2.1bn ft3/day of natural gas supply to the 14mn mt/yr first phase of the project commensurate with
their respective equity positions. The five partners are Anglo-Dutch major Shell (40%), Malaysia’s PETRONAS (25%),
PetroChina (15%), Japan’s Mitsubishi (15%) and Korea Gas (5%). ARC Resources is the largest producer in the Montney
formation, which straddles the Alberta/British Columbia border. Natural gas for the supply agreement will be delivered from its
low-emission Sunrise facility, which in Q3 2021 produced an estimated 286mn ft3/day but will be expanded by 80mn ft3/day
by the end of 2022. ARC reported record production of 353,657 barrels of oil equivalent (boe)/day and record free funds flow
of C$497mn (US$399mn) in the third quarter this year. It recorded net income of C$53.6mn in the quarter, reversing a
C$66.1mn net loss a year ago. The free funds flow supported net debt reduction of C$158mn and the return to shareholders
of C$172 through dividends (C$47mn) and share repurchases (C$125mn). ARC will increase its quarterly dividend to
C$0.10/share from C$0.66/share, to be paid in January 2022 to shareholders of record at December 31, 2021. Natural gas
production in the third quarter nearly doubled year-over-year, to 1.3bn ft3/day from 708mn ft3/day, mostly reflecting its
business combination earlier this year with Seven Generations Energy. source : www.naturalgasworld.com

NYK LNG CARRIER SNAPPED UP BY GAIL (INDIA) ON FIVE-YEAR TIME-CHARTER

Players seek to benchmark rates in tight market devoid of open tonnage on long-term basis. A vessel controlled by Japanese
shipowner NYK Line is being linked to a midterm time-charter requirement circulated by Gail (India). Brokers said Gail has
fixed NYK's 174,000-cbm newbuilding Grace Emilia, which is due for delivery this month, for a period of five years at a rate
in the low-to-mid-$70,000-per-day range. Several indicated that they considered this a weak rate for this length of business.
One said the shipowner had left about $15,000 per day on the table, suggesting levels in the high $80,000 per day would
have been achievable for a fixture of this length. On Monday, Flex LNG revealed it had secured direct continuation business
with an energy major for two of its vessels — the 173,400-cbm Flex Courageous (built 2019) and Flex Resolute (built 2020).

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The John Fredriksen-controlled shipowner did not name the charterer or give any details on the rates secured. Chevron has
previously been named as a charterer of one of the vessels. The market for LNG carriers is exceptionally tight. Independent
shipowners have been virtually cleaned out of tonnage after charterers started fixing early this year on one-year to two-year
deals in a bid to avoid the crush for vessels experienced last winter. With few fixtures being inked in a fast-rising rate
environment, market players are struggling to benchmark time-charter levels. On Friday, Affinity LNG quoted one-year time-
charter rates for modern two-stroke LNG carriers at just over $116,000 per day, with three-year deals at daily levels of
$92,500. Fearnley LNG put one-year rates at $125,000 per day. Spot rates are also soaring with Flex being associated with
a fixture concluded in the high-$200,000-per-day range and at a time charter equivalent rate of more than $300,000 per
day on its 174,000-cbm newbuilding Flex Volunteer. Brokers have said this winter will be one of relets, where the traders and
portfolio players are the ones sitting on the tonnage and deciding if they have sufficient cover to offer ships on the market. But
they comment that the relet vessels are only being offered out for short periods as their charterers want to maintain their
shipping cover. source : www.tradewindsnews.com

ALFA LAVAL UPGRADES BOIL-OFF GAS REGULATOR FOR LNGCS

Alfa Laval has expanded its LNG portfolio and introduced its Gas Combustion Unit 2.0 (GCU). The GCU is used on LNG
carriers to help manage boil-off gas with dual-fuel or low-speed dual-fuel engines. It safely disposes of gas that cannot be
used by the ship’s propulsion system. Refinements in the GCU 2.0 include a better regulated flow of combustion and dilution
of air. The adjustments were determined through extensive combustion testing, performed using the full-size GCU at the
company’s test centre. But the most evident changes related to the GCU 2.0 update are the services that surround it. All GCU
2.0 deliveries will now be connectivity-ready, giving customers access to Alfa Laval’s Digital Services for Gas Combustion
Units platform. Online remote monitoring will allow customers to access live and historical data for troubleshooting, and the
company said it believes the improved flow of data can keep service visits to “an absolute minimum.” Mr Jacobsen said “The
Alfa Laval GCU is reliable and easily maintained, in large part because of the simplicity of its design. That principle is
unchanged in the GCU 2.0, but we’ve extended the capacity and lifetime by refining certain details." With demand for LNG
increasing worldwide, there is more LNG in transit, making regulating cargo tank pressure vital when moving LNG by sea,
according to Alfa Laval. The improvements are said to keep "steady" combustion at a "reasonable" temperature, which is
intended to extend burner lifetime and reduce distortion of the burner plate. The company’s global sales manager Jeppe
Jacobsen said “Alfa Laval is unique in having a full-size GCU in a controlled testing environment. The GCU has proven its
capabilities at sea many times over, but we’re constantly developing it at the Alfa Laval Test & Training Centre. The simplicity
and design principles don’t change, but even small adjustments can create large performance gains.” source: www.rivieramm.com

ITALY'S FIRST SMALL-SCALE LNG TERMINAL SET TO BEGIN OPERATIONS

Petrolifera Italo Rumena (PIR), Edison and Enagás have announced the start of operations at the small-scale LNG terminal in
Ravenna, which will supply LNG for road transport and for shipping. With an investment of €100M (US$116M), the Depositi

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Italiani LNG terminal (DIG) terminal has an LNG storage capacity of 20,000 m3 and an output capacity of more than 1M m3
of liquefied gas per year, said to be sufficient to supply at least 12,000 trucks and up to 48 ferries. Edison chief executive
Nicola Monti said, “We are proud to announce the inauguration of a new infrastructure of a strategic nature for our country, in
line with the strategy to combat climate change.” “LNG plays a fundamental role in the energy transition, as it allows us to
immediately begin to decarbonise maritime transport and heavy transport, sectors in which other solutions and technologies
are not viable on a large scale, except in the long term.’ Enagás has begun supplying the terminal from its regasification plant
in Barcelona. Enagás chief executive Marcelino Oreja said this will reinforce the LNG supply chain in the Mediterranean and
promote the use of LNG in heavy and maritime transport. DIG will serve as manager of the operations of the small-scale
terminal in the port of Corsini in Ravenna. Edison will supply the terminal using Ravenna Knutsen, one of the first small-scale
natural gas tankers with a capacity of 30,000 m3. The ship was built at Hyundai Heavy Industries by Norwegian shipbuilder
Knutsen OAS Shipping for Edison’s exclusive use. DIG is jointy owned by PIR (51%), Edison (30%) and Enagás (19%) though
a subsidiary, Scale Gas Solutions. In line with the European Directive on alternative fuels, which encourages the use of LNG
for heavy transport, Italy has committed to cover 50% of maritime transport and 30% of road transport with LNG by 2030. To
achieve this, a supply infrastructure will be created along the Trans-European Transport Network TEN-T and Ravenna is the
first port to create LNG infrastructure. Avenir LNG recently took delivery of a new LNG bunkering vessel, which will be operating
from Sardinia’s first LNG terminal. This month, Adriatic LNG began a massive regasification auction. The company operates
the largest LNG regasification terminal and the only one able to receive LNG carriers up to 217,000 m3 in Italy, located off
the Veneto coastline. source : www.rivieramm.com

FLEX LNG INKS TIME CHARTER AGREEMENTS AMIDST RATE SURGE

John Fredriksen-owned Flex LNG has agreed two time charters with an unnamed energy major for two 173,400-m3 LNG
carriers. Flex Resolute and Flex Courageous – built in 2020 and 2019, respectively – will serve with a minimum period of
three years for the as-yet unnamed charterer. Flex LNG reported that the charter contract includes options to extend the
contract on each ship by two additional two-year periods, bringing the total available charter period to seven years under each
of the agreements. The company said it would deliver the ships to the charterer during the first quarter of 2022, in direct
continuation of existing time charters. According to Flex LNG, the deals remain subject to final documentation and certain
closing conditions. Flex LNG CEO, Øystein M Kalleklev pointed to the "attractive" terms of the charters in a statement. “We
are pleased to announce another pair of attractive time charter contracts, this time with an energy major," he said. "Since April
[2021] we have thus secured long term fixed hire employment for eight, possibly nine of our ships in line with our communicated
strategy of securing attractive revenue backlog once the market has improved.” “Our firm contract backlog is now about 33
years with a further 36 years of optional backlog. This highlights the attractiveness of owning and operating highly efficient
ships with significantly lower carbon footprint than the older generation ships.” With both vessels running on ME-GI engines,
Flex Couragous is equipped with a partial reliquefaction system while Flex Resolute is equipped with full reliquefaction system
bringing the active boil-off rate down to 0.075% and 0.035% respectively making the ship more fuel efficient for the

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transportation of large LNG parcels and helps reduce methane slip from the main engines. Flex LNG has a fleet of nine ME-
GI LNG carriers and four X-DF vessels built between 2018 and 2021. Earlier this year Flex LNG took delivery of Flex Freedom
from South Korea’s DSME and later Flex Volunteer from Hyundai Samho Heavy Industries. Flex Vigilant, the company’s 13th
LNG carrier was added in May. source : www.rivieramm.com

NAKILAT TAKES DELIVERY OF THIRD LNG CARRIER NEWBUILD

Qatar’s Nakilat has taken delivery of Global Sea Spirit a newbuild LNG carrier to be commercially and technically managed
inhouse by Nakilat Shipping Qatar Limited (NSQL). Global Sea Spirit is chartered to Cheniere Marketing International, a
subsidiary of Cheniere Energy. The 174,000-m3 capacity carrier is the first vessel in Nakilat’s fleet featuring WinGD’s X-DF
engines, considered to be highly fuel efficient. Another newbuild featuring X-DF propulsion is expected to be delivered early
next year. Daewoo Shipbuilding & Marine Engineering built Global Sea Spirit as the third in a series of four LNG newbuild
carriers delivered to Global Shipping Co, the joint venture between Nakilat and Maran Ventures. The first two newbuilds (ME-
GI type) were delivered in May 2020 and January 2021 respectively and are currently in service. Nakilat chief executive
Abdullah Al Sulaiti said, “The addition of this newbuild vessel featuring advanced safety, containment and propulsion technology
will allow us to provide greater fleet capacity and flexibility to our customers.” “This will give us a greater competitive edge in
the dynamic energy transportation sector and further solidify our position as a globally leader in the LNG shipping and maritime
industry. Moreover, it will significantly contribute to our efforts to reduce our carbon footprint and operate in a sustainable
manner as we continue to grow our global shipping portfolio.” Maran Ventures chairman Maria Angelicoussis said, “Nakilat has
been a strategic partner for many years, and we are pleased Global Sea Spirit is the third of four newbuilding LNG vessels
joining our successful Global Shipping joint venture. We are confident these high-specification vessels, which following delivery
are managed technically and commercially by Nakilat, will provide charterers with a first-class LNG shipping service.” All four
newbuilds are set to be delivered by 2022, bringing Nakilat’s fleet to 74 vessels. To date, there are 24 LNG carriers, 4 LPG
carrier and 1 floating storage regasification unit vessel being managed and operated inhouse by NSQL. This month Nakilat
signed a MoU with Karpowership to collaborate in the LNG-to-power market and jointly own and operate FSRUs. source :
www.rivieramm.com

ASIAN LNG PRICES IN GRIP OF WINTER’S ADVANCE AS CARGO LIFTINGS RISE

WHILE HIGH EUROPEAN VALUES EDGE LOWER
Liquefied natural gas spot demand for North Asia showed little signs of declining much through the North Hemisphere winter
into 2022 as overall cargo liftings rose and European gas benchmarks lost further ground compared with the Pacific Basin
amid a more than 5 percent drop in crude oil prices.The total number of LNG shipments being lifted through Sunday, November
7, from global liquefaction plants was expected to increase to around 117, up from last week’s 108 cargoes. The JKM December
spot price for China, Japan and South Korea was little changed on the week at $32.005 per million British thermal units
compared with $32.010 per MMBtu on October 29. The January 2022 price has declined, though not by much on a week-

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long basis, hitting $30.140 per MMBtu versus $31.305 last week. February’s JKM quote was further below $30 per MMBtu at
$27.850 per MMBtu versus $29.490 previously.
Europe and oil dip
The benchmark Dutch Title Transfer Facility (TTF) price fell by $1.40 per MMBtu during the week to the equivalent of $24.85
per MMBtu on November 5 from $26.25 per MMBtu on October 29. The UK National Balancing Point lost similar ground to
the equivalent of $25.70 per MMBtu, down from the $27.15 per MMBtu level a week ago. Oil prices were well down on the
week at $80.55 a barrel for North Sea Brent on November 5 compared with $84.36 per barrel on October 29, when they had
been close to seven-year highs. US benchmark West Texas Intermediate (WTI) crude prices tumbled by $3.81 a barrel to
$79.10 compared with $82.91 a barrel last week. The Organization of Petroleum Exporting Countries and its allies agreed at
a meeting on November 4 to retain their plan of raising oil output gradually through 2022 by 400,000 barrels per day from
December. The OPEC-plus alliance, made up of OPEC members led by Saudi Arabia and non-OPEC countries led by Russia,
produced 27.50 million barrels per day in October, a rise of 190,000 barrels a day from the previous month, though below
the increase permitted under the existing agreement. At current Brent oil price levels, the long-term, crude-linked LNG price
was at around $10.30 per MMBtu.
US data
The US exported 22 LNG cargoes in the past week compared with 20 in the previous week. The shipments had a combined
LNG-carrying capacity of 80 billion cubic feet, according to the US Energy Information Administration. Six cargoes were lifted
from Sabine Pass in Louisiana, five each from Freeport LNG and Corpus Christi in Texas, four from Cameron LNG in Louisiana
and one each from the facilities at Cove Point in Maryland and Elba Island in Georgia. “Deliveries of feed gas to LNG export
terminals averaged 10.9 Bcf per day, or 0.3 Bcf per day higher than last week,” said the EIA. US pipeline natural gas exports
to Mexico dropped by 8.3 percent to average 5.4 Bcf per day, the lowest average weekly flows since the first week of March
2021. US Gulf Coast LNG last day futures prices fell almost $2 per MMBtu in the week with the December US GCL free-on-
board (FOB) cargo quote at $23.300 per MMBtu, down from last week’s $25.281 per MMBtu. The January 2022 US GCL
price quote was at $23.647 per MMBtu versus $25.639 last week. February Gulf Coast cargoes were at $23.478 per MMBtu
versus $25.444 last week. The New York Mercantile Exchange (NYMEX) front-month Henry Hub contract fell to $5.650 per
MMBtu from last week’s $5.740 per MMBtu level. The US Henry Hub benchmark spot natural gas price also declined to $5.59
per MMBtu from $5.86 per MMBtu at the same time last week. On the US storage front, natural gas net injections totaled 63
Bcf for the week to October 29 compared with the five-year (2016-2020) average net injections of 38 Bcf and last year's net
withdrawals of 27 Bcf during the same week. “Working natural gas stocks totaled 3,611 Bcf, which is 101 Bcf lower than the
five-year average and 313 Bcf lower than last year at this time,” added the EIA. The dollar, the main energy trading currency,
rose against the euro. One dollar was able to be exchanged in Europe for €0.865 on November 5 versus €0.859 last week.

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Shipping and liftings
In the LNG shipping market, data showed that there would be around 117 cargo liftings in the week through Sunday, November
7, from producing nations. This is nine more than the previous week's 108 liftings. The Pacific Basin will account for around
50 shipments in the week through November 7, including around 27 from Australia, six from Malaysia, five from Indonesia,
three from Papua New Guinea, one from Brunei and one from Peru. A further four Pacific cargoes were departing from
Gazprom’s Sakhalin Island plant in the Russian Far East. In the Atlantic Basin there were scheduled to be about 39 liftings,
including at least 20 departures from the US in the week through November 7 compared with 16 in the previous week. Five
shipments were scheduled to leave from Nigeria, three from Algeria, two from Egypt, two from Trinidad, one from Angola and
around eight from the Russian Arctic Yamal plant. A further 28 cargoes were scheduled to be departing from the Arab Gulf
region through November 7, mostly from Qatar but also including three cargoes from Oman and one from Abu Dhabi’s Das
Island plant in the United Arab Emirates. There is already more than 18 million tonnes of LNG on the water in about 275
vessels voyaging or storing through to the second week in December. Shipping spot charter rates for LNG carriers reflected
the recent record prices in both the East of Suez and West of Suez markets. East of Suez spot charter rates increased by
$10,000 per day since last week and were quoted by shipbrokers at between $202,000 per day and $198,000 per day. The
West of Suez rates were unchanged on the week at between $192,000 per day and $188,000 per day for vessels of 155,000-
165,000 cubic metres capacity. One-year charter rates for the most modern vessels were unchanged at around $100,000
per day.
Other global prices
In the spot delivered ex-ship (DES) LNG cargoes market for areas such as India and the Middle East region, the West India
Marker (WIM) price declined. The December quotation fell to $29.946 per MMBtu compared with the $30.836 per MMBtu
recorded on October 29. The January 2022 price dipped to $27.963 per MMBtu versus the $29.695 registered last week.
The WIM price for February 2022 was quoted over $2 per MMBtu down at $25.613 per MMBtu versus $27.645 per MMBtu
previously. The India-Gulf futures prices cover LNG spot physical shipments delivered ex-ship (DES) into terminals in West
Asia and the Gulf states. These include terminals in India or in countries like Kuwait and the price indicators are for cargoes
in the range of 135,000-175,000 cubic metres capacity.
UK gas flows
Natural gas pipeline supply to the UK market increased after recent market shortages amid colder seasonal weather. Natural
gas along with nuclear and coal provided 75 percent of power on one day this week. Data from National Grid showed that
instantaneous pipeline flows from the North Sea on the morning of Friday, November 5, soared to 266.15 million cubic metres
compared with 206.59 mcm of supply flows in the same period last week. The UK’s domestic and industrial gas demand
jumped to 295.75 mcm compared with 241.17 mcm at the same time on October 29. Supply flows at gas grid connections
near the UK’s two LNG terminals at Milford Haven, South Hook LNG and Dragon LNG, jumped to 41.14 mcm (26.48 mcm
Oct 29) on LNG deliveries. However, pipeline flows near the Isle of Grain LNG terminal on the banks of the Thames-Medway

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estuary near London, were at seasonal lows of 2.83 mcm (2.84 mcm) on a dearth of LNG shipments. North Sea pipeline gas
supply to the St Fergus terminal in northern Scotland increased to 62.23 mcm (58.93 mcm). Flows rose to 24.75 mcm for the
Bacton UK Continental Shelf (UKCS) terminal in Norfolk on the East Coast of England versus 15.21 mcm at the same time a
week ago. The Easington terminal on the Yorkshire coast had higher flows of 78.47 mcm (70.23 mcm) while flows to the
Teesside terminal edged lower to 25.12 mcm (26.90 mcm). Flows through the Barrow gas terminal on the northwest coast of
England was up at 6.08 mcm (5.98 mcm). In a snapshot of UK power sources this week, National Grid data on November 3
showed that natural gas provided the main proportion of the UK’s energy mix for power generation, accounting for 56 percent
of supplies. Other power sources from the UK comprised nuclear 14 percent, wind 13 percent, coal 5 percent, solar 5 percent,
biomass (wood) 4.0 percent, hydro-electric 3 percent and power imports none.
Norwegian gas for Europe
Pipeline natural gas flows from Norway to the European Union on November 5 fell for Germany, Belgium and France. Flows
to the German terminal at Emden declined to 89.1 mcm (90.8 mcm) and flows through Germany’s Dornum terminal fell to
60.6 mcm versus last week’s 67.7 mcm. The Zeebrugge (Belgium) flows were also lower at 41.5 mcm (42.7 mcm) while flows
to Dunkirk (France) declined to 51.5 mcm (52.7 mcm). The Norwegian aggregated exit flows (including UK Easington and St
Fergus) on November 7 rose on the week to 339.5 mcm (330.0 mcm), on high UK deliveries. source : www.lngjournal.com

AUSTRALIAN LNG OPERATOR WOODSIDE COMPLETES REVIEW OF RESOURCE

ESTIMATES FOR PLUTO LNG FEED GAS
Western Australian LNG operator Woodside has completed a review of the reserves and resource estimates for the Greater
Pluto region, including the Pluto and Xena fields, showing the levels of future feed gas to supply the Pluto LNG export plant
on the Burrup Peninsula.“Excluding 2021 production to date, the 1P total reserves have increased by approximately 10 percent
and the 2P Total reserves have decreased by approximately 10 percent,” said Woodside of the fields located in the North
Carnarvon Basin. The IP total was adjusted upwards from 287.9 million barrels of oil equivalent to 317.1 mmboe. The 2P total
had dropped to 394.9 mmboe from the previous 440.4 mmboe. Woodside Chief Executive Meg O’Neill said Woodside’s
understanding of the Pluto and Xena fields had improved since the start-up of Pluto in May 2012. “The 4D seismic survey
undertaken in 2020, together with the performance of the wells in these fields, has enabled us to narrow the 1P and 2P
reserves range,” explained O’Neill. “The Greater Pluto region is a significant and valuable resource for Woodside. Having
already produced more than 440 million barrels of oil equivalent from the Pluto and Xena reserves since start-up in 2012, the
Greater Pluto region has 2P total reserves of approximately 360 million barrels of oil equivalent for production in the years
ahead,” said the CEO.
Long-life assets
“We are continually reviewing and optimising the efficient development of this long-life asset based on improved reservoir
data,” she added. Feed-gas from another block, the Scarborough gas field, is enabling the development of a second liquefaction
Train at the Pluto plant. The second Train would have 5 million tonnes per annum of output, and take total nameplate capacity

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to 9.2 MTPA. Woodside added that the reclassification of Pyxis Hub reserves from undeveloped to developed is due to
achieving ready for start-up (RFSU) in October 2021 for the Pyxis and Pluto North wells. Further reserves reclassification from
undeveloped to developed is expected in 2022 with the targeted RFSU of the Xena-2 well and the Pluto water-handling
project. Woodside attached some notes on petroleum resource estimates to its announcement. The Greater Pluto region
comprises the Pluto-Xena, Pyxis, Larsen, Martell, Martin, Noblige and Remy fields and the reserves and resource update is
effective 4 November 2021. Woodside holds a 90 percent interest, as operator, in the WA-34-L production licence covering
the Pluto, Xena and Pyxis fields. It additionally holds a 100 percent interest, as operator, in the WA-404-P exploration permit
covering the Larsen, Martell, Martin, Noblige and Remy fields. No revision has been made to the Woodside contingent resource
estimate for WA-404-P. The Woodside reserves and contingent resource estimates for Greater Pluto have been calculated
using probabilistic methods. Previous estimates for Pluto-Xena were calculated based on a deterministic method. source :
www.lngjournal.com

LARGEST US LNG EXPORTER CHENIERE POSTS QUARTERLY REVENUES OF

$3.2BLN BUT REGISTERS DERIVATIVES ACCOUNT LOSS
Cheniere Energy, the operator of the US Sabine Pass and Corpus Christi LNG export plants, reported soaring revenues that
more than doubled to $3.20 billion for the third quarter as natural gas market prices hit records worldwide. However, Cheniere
said it posted a loss in the three months to the end of September 2021 of $1.08Bln, wider than the $463M of losses registered
in the third quarter of 2020. The Houston, Texas-based company said its revenues were 119 percent higher than the $1.46Bln
reported in the same three months of 2020. Cheniere’s nine-month revenues from LNG sales to Asia, Europe and South
America came to $9.03Bln, up by 42 percent from the $6.57Bln logged in the same period of 2020. The company said its
negative net results were the result of an increase in derivative losses from changes in fair value and settlements of $3.4Bln
and $4.5Bln pretax and excluding the impact of non-controlling interests. “This impact was partially offset by increased volume
and revenue per MMBtu of LNG as well as an income tax benefit generated by the pretax derivative losses in our earnings,
and the proportion of such earnings attributable to non-controlling interests, during the three and nine months ended September
30, 2021, respectively,” explained Cheniere. Cheniere Chief Executive Jack Fusco said the strong third-quarter results and
revenues were the product of “operational excellence” as well as the continued strength in the global LNG market,. “As we
look ahead to 2022, we look forward to substantial completion on Train 6 at Sabine Pass in the first quarter, approximately a
year ahead of the guaranteed completion schedule,” stated Fusco. “Our 2022 guidance ranges are driven by Train 6
commencing in the first quarter and sustained higher margins available in the market,” added the CEO. Cheniere produces a
nameplate 22.5 million tonnes per annum from the Sabine Pass facility and with Train 6 in operation output will jump to 27
MTPA. Among quarterly highlights, Fusco pointed to the recently executed two new long-term sales and purchase agreements
with ENN Group of China and UK-listed global commodities firm Glencore. “These transactions showcase the global demand
for securing flexible, reliable LNG supply for the long term as well as Cheniere’s role as a leading global LNG supplier,” added
Fusco. Cheniere's CEO also said that the Corpus Christi plant expansion was on track for a final investment decision in 2022.
The facility currently has nameplate output of 13.5 MTPA from three Trains, each producing 4.5 MTPA. The Corpus Christi

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plan is an expansion comprising seven mid-scale liquefaction Trains adjacent to the Corpus Christi plant, each with an expected
nominal production capacity of around 1.4 MTPA of LNG. The total expected minimum production capacity of the seven mid-
scale Trains is 9.5 MTPA to 9.8 MTPA. Cheniere additionally reported consolidated adjusted gross earnings (EBITDA) of
approximately $1.1Bln and $3.5Bln for the three-month and nine-month periods to the end of September. Distributable cash
flow was $390M and $1.48Bln the three months and nine months. The company raised its full year 2021 consolidated adjusted
EBITDA guidance to $4.6Bln to $5.0Bln and reconfirming full-year 2021 distributable cash flow guidance of $1.8Bln to $2.1Bln.
It introduced full-year 2022 consolidated adjusted EBITDA guidance of $5.8Bln to $6.3Bln and full year 2022 distributable
cash flow guidance of $3.1Bln to $3.6Bln.
source : www.lngjournal.com

TELLURIAN PLANS NEXT STAGE OF LNG DEVELOPMENT WITH FEED GAS INCREASE
AND FINANCE AND ENGINEERING PLANS
Tellurian Inc., the developer of the Driftwood LNG export plant in Louisiana and set to supply commodities trading firms Gunvor
and Vitol as well as Royal Dutch Shell, has reduced losses in the third quarter. The company posted losses of $15.9 million
compared with a $29.5M loss during the prior-year period. Tellurian’s revenues increased to $15.6M, up 9 percent from $14.3M
reported in the same three month of 2020. “Tellurian recently brought production online from two newly completed natural gas
wells, adding to our financial strength and integrated model that provides a valuable hedge to volatile global prices,” said
President and Chief Executive Octávio Simões. “By year end 2021 we plan to produce approximately 70 million cubic feet
equivalent per day,” added the CEO. Simões said that the Houston, Texas-based company was also in discussions with
counter-parties to expand the gas resources in the Haynesville Shale basin. In addition, Tellurian has authorized a new drilling
programme and plans to drill 12 to 14 wells to produce about 220 million cubic feet equivalent per day by year-end 2022.
The company plans to give US construction and engineering company Bechtel notice to proceed with construction in early
2022 for the site at Lake Charles where Tellurian also sealed a long-term lease option for a minimum of 20 year and options
for 50 years. Initial work includes pipeline relocation, highway and road widening, electrical infrastructure removal and the
drilling of water wells. Tellurian has now turned its focus to financing Driftwood LNG to the tune of $16.8 billion. CEO Simões
said that the Vitol, Gunvor and Shell deals have opened the way for positive project financing in that 9 million tonnes per
annum of LNG has already been pre-sold. As part of corporate activities during the quarter around $116M was raised in a
public stock offering. Subsequently Tellurian transferred its common stock listing from the Nasdaq Capital Market to the NYSE
American. Tellurian ended its third quarter with about $210.8M in cash and cash equivalents and no borrowing obligations.
“Tellurian has a strong balance sheet consisting of approximately $483.9M in total assets,” it added. source : www.lngjournal.com

BRAZIL’S PETROBRAS SAYS LNG HELPED END ENERGY CRISIS ALONG WITH
PIPELINE GAS FROM FLUXYS BOLIVIA ASSET
Petróleo Brasileiro (Petrobras), the Brazilian oil and gas company, boosted domestic natural gas production in the third quarter
backed by LNG imports as well as pipeline gas from Bolivia as a drought curtailed the South American nation’s hydro-electric

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output. Petrobras relied on its own production to meet 40 million cubic metres per day of demand, topped up by LNG shipments
from the US and elsewhere as well and pipeline gas imports from Bolivia. Petrobras reported third-quarter recurring net income
of US$3.3 billion, helped by one-off items as well. Among the highlights were operating cash flow and free cash flow, totaling
$10.5Bln and $9Bln respectively and adjusted gross earnings of $12.2Bln. Natural gas revenues totaled $1.72Bln, an increase
of 128 percent versus the same three months of 2020. The results included the receipt of $2.9Bln from partners in the Búzios
co-participation agreement and the inflow of $2.2Bln in cash from subsidiary Petrobras Distribuidora's public offering, carried
out in July 2021. Petrobras said that regasified LNG volumes averaged 30 million cubic metres per day, up almost two thirds
from the previous three months while Bolivia supplied 20 million cubic metres per day. The Brazilian section of the Bolivia-
Brazil GasBol pipeline is 2,600 kilometres (1,615 miles) in length.
Gas from Bolivia
Belgian company Fluxys, whose assets include the Zeebrugge LNG import terminal and a stake in Dunkirk LNG in France, is
part owner of the Brazilian part of the pipeline from Bolivia. Fluxys completed the deal in April 2021 for the equity transfer in
pipeline operator Transportadora Brasileira Gasoduto Bolívia-Brasil and the partner of Fluxys is the US fund, EIG Global Energy
Partners. Petrobras noted that the higher volume of LNG delivered to the market was made possible by an expansion of the
regasification capacity at the Guanabara Bay import terminal, which offset lower availability of domestic gas during the Mexilhão
gas field maintenance shutdown. The company explained that on October 5, it successfully completed the scheduled shutdown
of Route 1 of the Santos Basin pre-salt offshore field. “Several actions were taken to mitigate the impacts associated with the
reduction in gas supply, such as the expansion of the capacity of the Guanabara Bay regasification terminal from 20 million
to 30 million m³/day and the increase in the volume of regasified LNG, which reached an average of 30 million m³/day in
the third quarter, up by 66.7 percent compared with the previous quarter,” explained Petrobras. Petrobras said that during the
quarter the average production of oil, natural gas liquids and natural gas reached 2.83 million barrels of oil equivalent per day
(boed), an increase of 1.2 percent compared to the previous quarter, even with restrictions from the Covid-19 pandemic. The
pre-salt offshore basin output reached 71 percent of production capacity, highlighting the entry into operation of the FPSO
Carioca (Sepia field) and increased output from the FPSO P-70 (Atapu field).
Petrobras also announced progress on paying down the company’s debts.
Debt miracle
“Meeting this goal, even before the agreed deadline, shows the company's commitment to technical and balanced management,”
explained Rodrigo Araujo, Chief Financial Officer. “The company’s debt had reached more than US$130Bln in 2014, an amount
that was around US$160Bln if we also take into account the charters that started to be considered as debt from 2019,” added
Araujo. “This debt seemed unpayable and today it finally reaches a healthier level. Everyone who is part of this company has
contributed to this and is responsible for this reduction of more than US$100Bln in just over seven years,” stated the CFO. Oil
product sales in the quarter reached volumes of 1.9 million barrels per day (bpd), 10.7 percent higher than in the previous
quarter, with an increase in sales of all products. Comparing the second and third quarters, Petrobras said the refinery load

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factor increased from 75 percent to 85 percent and in October, after the end of the quarter, reached 90 percent. In addition
to its role as an integrated oil and gas company, Petrobras is also the owner of widespread thermal and renewable power
generation assets. Third-quarter electricity generation was 3,977 megawatts on average, an increase of 20.6 percent when
compared to the second quarter of 2021. source : www.lngjournal.com

GAZPROM INCREASES 10-MONTH PIPELINE GAS SUPPLIES TO FOUR EU LNG

IMPORTERS AND GERMANY AND CHINA
Gazprom, the Russian pipeline natural gas giant competing with LNG in the European Union, produced 422.6 billion cubic
metres of gas in the January-to-October 2021 period, an increase of 15.8 percent, or 57.7 Bcm on the same period of last
year. Gazprom said it ramped up its domestic supplies from the gas transmission system by 17.2 percent, or 28.8Bcm, over
the period. “The company increased its gas exports to the countries beyond the FSU (Former Soviet Union) to 158.8 Bcm,
which is higher than the figure for the same period of 2020 by 10.4 percent,” added Gazprom. “Gazprom continues supplying
gas at near-record levels,” it stated. Specifically, Gazprom increased its gas supplies to European LNG importers such as Italy
(Gazprom supplies up 15.4 percent), Poland (plus 9.5 percent), Greece (16.3 percent) and Finland (13.3 percent). Gazprom
doubled pipeline volumes to LNG importer Turkey and those transported by pipelines to Germany surged by almost one quarter.
Balkans and China
Gazprom added that in the first 10 months, its exports to a number of countries, such as Turkey, EU nations Bulgaria and
Romania, and Serbia, have already exceeded the amounts of gas delivered to these countries for all of 2020. Gas supplies
to China via the “Power of Siberia” pipeline from eastern Siberia into northeast China continue to grow. Gazprom stated that
on October 31, supplies as requested by China hit a new record, exceeding the daily contractual obligations of Gazprom by
more than 19 percent, though no details were given on volumes. According to Gas Infrastructure Europe, the negative difference
between the current and last year’s levels of reserves in European underground gas storage facilities was 18.2Bcm as of
October 30, 2021. The inventories in Ukraine’s UGS facilities are 10.1 Bcm below the level of 2020. source : www.lngjournal.com

GASUM DEPLOYS LNG BUNKERING VESSEL ‘KAIROS’ PERMANENTLY TO SERVE

ANTWERP-AMSTERDAM-ROTTERDAM
Gasum, the Finnish state-run natural gas and LNG company, has extended its bunkering services in the Antwerp, Amsterdam,
and Rotterdam (ARA) region by locating its bunkering vessel “Kairos” in the area. “This supports Gasum’s strategy to expand
its maritime services in Northwest Europe,” said the Helsinki-based company. Previously Kairos has been operating flexibly in
the North Sea and Baltic Sea and only arrived in the ARA area upon request. The 4,376 deadweight ton vessel is 117 metre
in length and 20 metres wide with capacity of 7,500 cubic metres. “The new location of 'Kairos' enables Gasum to deliver
bunkers of LNG, the cleanest available marine fuel to its clients in Northern Continental Europe, whenever they have the
need,” said Gasum. Gasum’s Jacob Granqvist, Vice President of Maritime, said he was happy to have the “Kairos” deployed
in the ARA.

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Market growth
“We are now constantly present in the region and can better cater for the needs of our old and new LNG customers in the
maritime segment,” explained Granqvist. “LNG is the cleanest available marine fuel, and it’s rapidly becoming the most
commonly used alternative to traditional fuels,” he noted. Gasum also owns a network of Nordic terminals and facilities
comprising a small-scale liquefaction plant and an expanding chain of LNG fuel stations for vehicles. Its terminals include
Sweden’s Nynashamn facility with 20,000 cubic metres capacity of storage and purchased in April 2020 by Gasum from
Germany’s Linde AG. The Finnish company additionally has a small-scale liquefaction plant in Risavika, near Stavanger in
Norway, while owning and operating other small regasification and import terminals in Ora and Alesund in Norway and Lysekil
in Sweden. It partly owns the Pori LNG import terminal in Finland and has a stake in the Finnish Tornio Magna regasification
facility. source : www.lngjournal.com

EQUINOR TO RESTART TALKS WITH TANZANIA OVER LNG PROJECT

Norway’s Equinor said on Thursday it will restart talks with Tanzania’s government next week on the possible revival of plans
to develop major natural gas reserves found in the east African country’s waters. Equinor during the last decade made nine
discoveries off Tanzania and said it was considering a liquefied natural gas (LNG) development, but in January of this year
wrote off the entire book value of $982 million, citing poor economics. The Norwegian company is the operator of Tanzania’s
Block 2, which it estimated to hold more than 20 trillion
cubic feet (0.6 trillion cubic metres) of gas in place,
while ExxonMobil also holds a stake. Shell, meanwhile,
operates Block 1 and Block 4, which are estimated to
hold some 16 trillion cubic feet of recoverable gas,
according to the company’s website. Talks on the
future of all three blocks will restart at the initiative of
Tanzania’s authorities, with a focus on fiscal, legal and
regulatory frameworks, an Equinor spokesperson said
in an emailed statement. “We are pleased with the
sense of urgency and prioritising the government of Tanzania has placed on the Tanzania Gas and LNG Project,” he added.
Norwegian business daily Dagens Naeringsliv was first to report that the talks would restart. Shell was not immediately available
for comment. SOURCE : https://clubofmozambique.com/news/equinor-to-restart-talks-with-tanzania-over-lng-project-204203/

CHEVRON COMPLETES MAINTENANCE AT WHEATSTONE LNG PLANT IN AUSTRALIA

Chevron has completed maintenance at its Wheatstone liquefied natural gas (LNG) plant in Western Australia, a senior company
executive said. The planned maintenance was completed in October after starting in the third quarter of this year, Chief
Financial Officer Pierre Breber said during an earnings conference call on late Friday. "We expect to have all five of our
Australia trains operating this quarter.. we expect more cargoes," he said. The Chevron-operated Wheatstone Project consists

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of two LNG trains with a combined capacity of 8.9 million tonnes per annum (mtpa), and a domestic gas plant. Chevron also
operates the three-train Gorgon LNG plant in Western Australia which has a capacity of 15.6 mtpa. SOURCE : WWW.REUTERS.COM

SINOPEC SIGNS CHINA'S LARGEST LONG-TERM LNG CONTRACT WITH US FIRM

China's Sinopec has signed a contract with U.S. Venture Global LNG to buy 4 million tonnes of liquefied natural gas (LNG)
annually for 20 years. The deal is the largest LNG long-term contract signed between Chinese and US companies, Venture
Global said in a statement. The LNG will be supplied from its plant in Plaquemines, Louisiana. "This sales agreement is historic
...This deal will also strengthen bilateral economic and trade cooperation between the US and China, representing tens of
billions of dollars in trade over the course of contract," Mike Sabel, Chief Executive Officer of Venture Global LNG, said in a
video ceremony on Thursday. The deal will double China's imports of US LNG, he said. China imported 6.32 million tonnes
of LNG from the United States in the first nine months, Chinese customs data showed. But the company did not specify the
value of the deal or when supply would begin. Analysts expect the Plaquemines plant will begin production in 2024. In October,
Reuters reported that China had agreed to three huge LNG deals with the firm as Beijing seeks to secure long-term supplies
amid soaring gas prices and domestic power shortages. Separately, Unipec, a subsidiary of Sinopec, will also buy a total of
3.5 million tonnes of LNG from the Calcasieu Pass project owned by Venture Global LNG for a shorter duration, the statement
said. Sinopec expects natural gas prices in China to rise at least 20 per cent in the fourth quarter from a year earlier, as
officials of energy firms estimate gas demand will rise 10 per cent this winter. SOURCE : https://www.channelnewsasia.com/business/sinopec-
signs-chinas-largest-long-term-lng-contract-us-firm-2290686

PANAMA CANAL PROVES WORTH OF GROWING LNG CARGO SECTOR

The Panama Canal Authority said the Central American isthmus waterway registered a 31.4 percent increase in LNG vessel
tonnage transits, representing the largest gain across all segments and LNG carriers also set new monthly tonnage and transit
records. The Canal transit is the shortest shipping route from the LNG export plants on the Gulf Coast of Louisiana and Texas
to customers in Japan, China and South Korea. The use of the Canal cuts the distance of voyages to Asia by more than
7,500 nautical miles (8,500 miles). The Canal has been able to accommodate larger carriers after completing a widening
programme in 2016 with the optimum economic size of an LNG vessel for the transit now preferred at just under 175,000
cubic metres capacity. The Canal expansion work cost $5 billion and included two new lock complexes with a total of 16 gates,
eight on the Pacific side and eight on the Atlantic side. There were 419 LNG carrier transits in 2020 and 406 of these ships
used the new expanded Canal route. The expansion of the Canal was a very important event with respect to the creation of
a new business models for trade, especially affecting containerships and LNG carriers. A new Canal tariff system will also
increase revenues. For tariff purposes LNG carriers are classed as Neo-panamax vessels.
Maximum lengths
Since the middle of 2021 the maximum length overall (LOA) for commercial and non-commercial vessels acceptable for regular
transits of the Neo-panamax locks is 370.33 metres (1,215 feet), up from 367.28 metres (1,205 feet). At the Neo-panamax
locks, all tanker classes with beams smaller than 41.67 metres or 140 ft in length, which includes MRs, LR1s, LR2s and

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Aframaxes, and under the new tariff system have to pay $70,000 in booking fees, a 100 percent increase from the previous
$35,000 tariff. For the Panamax locks, new tariff levels see a 60 percent increase for Medium Range, Long Range 1, and
Panamax tankers, which also pay a booking fee of $40,000. Larger tankers including Long Range 2 and Aframax classes
are seeing a 43 percent increase to $50,000 per booking. The PCA said it closed the fiscal year 2021 with a record-breaking
annual tonnage of 516.7 million Panama Canal tons (PC/UMS), coming in 8.7 percent higher compared with the 2020 fiscal
year and 10 percent above tonnage registered the previous year.
Grateful
“I am grateful for and proud of our world-class workforce, whose resilience and dedication allowed us, throughout the pandemic,
to continue providing a service of excellence and enabling the uninterrupted delivery of essential goods around the world,” said
Panama Canal Administrator Ricaurte Vásquez Morales. “This commitment was key in our ability to manage a record tonnage,
which reinforces the Expanded Canal’s value to global trade after five years of successful operations,” added Vásquez Morales
He noted that the fiscal year was marked by unprecedented supply chain challenges caused by the impact of the Covid-19
pandemic. Related disruptions drove container rates to rise exponentially and production to slow down across various sectors,
due to raw material shortages “Amid this landscape, the Panama Canal saw traffic grow between October 1, 2020 and
September 30, 2021, driven by LNG vessels, liquefied petroleum gas (LPG) ships, containerships, dry bulkers and vehicle
carriers,” said the statement. Containerships registered 184.3 million PC/UMS tons through the Panama Canal this year, a 2
percent increase from tonnage compared to FY20, followed by dry bulk (90 million PC/UMS tons), chemical carriers (65
million PC/UMS tons), LNG (61 million PC/UMS tons) and LPG (52.8 million PC/UMS tons). “However, this year’s figures
across segments demonstrate the Canal can adapt and meet fluctuating market needs, as shown earlier this year, when we
modified the Panama Canal reservation system to offer our customers additional booking options and flexibility,” added the
statement.
Trading routes
The main trade routes using the Panama Canal by tonnage in FY21 included the US East Coast-Asia, followed by the US
East Coast-West Coast of South America, West Coast of South America-Europe, South America Intercoastal and the East
Coast South America-Asia route, the latter of which replaced the East Coast US-West Coast of Central America route in the
Canal’s top five routes. South Korea also moved up the ranks to become the fourth top user of the waterway in 2021, preceded
by the US, China, and Japan with Chile coming in fifth. All in all, the Panama Canal recorded a total of 13,342 transits in
FY21, driven by an increase in Neo-panamax transits. The Panama Canal Authority is an autonomous legal entity of the
Republic of Panama in charge of the operation, administration, management, preservation, maintenance and modernization of
the Panama Canal, as well as its activities and related services, so that the Canal may operate in a safe, continuous and
efficient manner. Source : www.lngjournal.com

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TEEKAY TO PROWL FOR OPPORTUNITIES AFTER STONEPEAK DEAL 'TRANSFORMS'
BALANCE SHEET
Canadian energy shipping giant believes sale of Teekay LNG Partners will open the door to new opportunities. Teekay Corp
is looking to future opportunities after striking a deal to sell out of its LNG and LPG carrier spin-off. The $6.2bn sale of Teekay
LNG Partners to infrastructure investment firm Stonepeak will see the Vancouver-based parent company pocket $640m from
offloading its 40% stake. That will leave Teekay Corp completely debt free with some $325m in cash, company executives
said at a conference call with analysts. Teekay Corp, which also sold out its Teekay Offshore Partners spin-off last year, will
also have just Teekay Tankers as its only publicly-listed daughter company. "This transaction transforms Teekay's balance
sheet and gives us the financial flexibility and dry powder to pursue future opportunities," said chief executive Kenneth Hvid.
He said the deal puts the company in a position to leverage its operating franchise and capabilities to pursue attractive
opportunities. The company may pursue those opportunities on its own, or with Teekay Tankers or an outside partner, Hvid
explained. "We truly believe that it is important to buy assets at the right time, and in order to do that we need to have a
strong balance sheet and prompt access to capital in order to take advantage of attractive investment opportunities and at
times act counter cyclically," he said. Hvid pointed to a positive outlook for the future of tankers but said the company also
could explore investing in other sectors, including those that Teekay has been involved in before. But the energy shipping giant
is also looking to other horizons, and he said Teekay has a track record of moving into new sectors. However, the executive
acknowledged the growing focus on energy transition. "We also recognise that the world is changing, and while we believe
that oil will remain an important component of the world's energy mix for many decades, we also see that the increasing focus
on greater energy diversification and lower emissions will bring other interesting opportunities where Teekay's unique capabilities
and profile could be a meaningful competitive advantage," he said. Teekay could find an opportunity in green technology, for
example. Hvid said the Teekay group has built a strong brand and reputation since it was founded by Torben Karlshoej almost
50 years ago."We have a track record of growing and scaling businesses, customer relations and partnerships, along with
various other capabilities," he said. source : www.tradewindsnews.com

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