On the 25th November, 2016 Europe Technologies Group signed a Memorandum of Agreement with the Shipbuilding and Repair Development Company of Trinidad and Tobago Limited in Nantes, France.
This Trinidad-based ship repair arrangement with the expert guidance of the Europe Technologies Group will provide both project management and skilled personnel in organising the working party with the ship-owner, the shipyard, the technology owner (which has around 310 LNG carriers equipped with its technologies), the Classification Company and other service providers, to achieve the best on-time quality Cargo Containment System solutions required by LNG Carrier owners.
Trinidad and Tobago is also the sixth largest exporter of Liquefied Natural Gas in the world having recently crossed its 3,000th LNG shipment safety milestone, since LNG exports commenced in 1999 from the twin-island State located in the southern Caribbean.
Two events have resulted in an exponential growth requirement for LNG carrier repairs in the Atlantic Basin. These are: (i) newly expanded Panama Canal inaugurated on June 26, 2016 now being able to physically accommodate (92%) ninety-two percent of the World LNG Shipping Fleet. The second event is that of the United States of America recently becoming a net exporter of Liquefied Natural Gas with the commencement of exports in February 2016 from the Cheniere Energy Inc. (NYSEMKT: LNG) Sabine Pass LNG Terminal. This Terminal has a Platform Capacity in Aggregate of around 9% of the expected global LNG Market by 2020.
ABOUT EUROPE TECHNOLOGIES:
Europe Technologies is a global provider of solutions for the repair of membrane LNG Cargo Containment Systems. It possesses the experience and expertise on market leader’s membrane technologies (CS1, NO96 and derivatives, MARK III and derivatives). Its qualified technicians and managers are intervening and supporting many shipyards worldwide with no compromise on quality and on-time delivery. Europe Technologies is also supplying qualified materials, tooling and equipment for the working party. Beside this ship repair activity, Europe Technologies is an innovative industrial group with core competencies on materials & mechanical processes. With more than 350 employees within 8 subsidiaries it provides high-tech solutions to industrial markets such as Aerospace, Defence, Automotive, Medical, Food Industry, Infrastructures, Ship building.
ABOUT THE SRDC:
The Shipbuilding and Repair Development Company of Trinidad and Tobago Limited (SRDC) is an organisation which represents some 120+ local and global maritime cluster stakeholders. It is the commercial entity of the Shipbuilding and Repair Maritime Cluster established to promote and develop various maritime initiatives within Trinidad & Tobago and globally by the current Prime Minister of Trinidad and Tobago, Dr. The Honourable Keith Rowley, MP when he served as a former Minister in the Ministry of Trade and Industry. At Present, the SRDC is in the process of establishing a new USD500 million newbuild shipyard port at La Brea, South-west Trinidad and Tobago.
Qatar Petroleum entered into three agreements for LNG ship construction with the Republic of Korea which when fully executed would result in the construction of more than 100 LNG carriers valued at nearly $20 billion.
Qatar believes that it has secured approximately 60 percent of the global LNG shipbuilding capacity for the next seven years, creating what it is calling the largest LNG shipbuilding programme in history. Under the agreements, the three major Korean shipyards - Daewoo Shipbuilding & Marine Engineering (DSME), Hyundai Heavy Industries (HHI) and Samsung Heavy Industries (SHI) - will reserve through the year 2027 a major portion of their LNG ship construction capacity for Qatar Petroleum.
“The signing of today’s agreements with the three esteemed Korean companies reflects our commitment to the North Field expansion projects, even during these extraordinary times,” said His Excellency Minister Al-Kaabi speaking at the signing ceremony. “As I have previously stated, we are moving full steam ahead with the North Field expansion projects to raise Qatar’s LNG production capacity from 77 million today to 126 million tons per annum by 2027 to ensure the reliable supply of additional clean energy to the world at a time when investments to meet these requirements are most needed.”
The new LNG vessels will be equipped with the latest generation slow speed dual-fuel engines, utilizing LNG as a fuel the company said. The ships will be used both to meet the company’s plans for expansion of its local and international LNG projects, as well as replacing part of Qatar's existing LNG fleet.
Rystad Energy reported that despite the lockdowns, global LNG imports grew 3% to 363 million tons (mt) in 2020, mainly driven by Asian demand which grew 4 % year-on-year. Liquefaction capacity grew 5% in 2020, reaching 464 million tons per annum (tpa), as new plants started operations mainly in the US.
Furthermore, Rystad Energy forecasts that the world’s LNG production is expected to reach 672 mt in 2040, a 79% growth from 2020 numbers, while global liquefaction capacity is expected to nearly double by 2040, reaching a total of 886 million tpa, a 91% increase from 2020. This will allow to have higher availability of LNG for bunkering in future.
A cargo of Liquefied Natural Gas (LNG) produced by Atlantic, will leave the company’s facility in Point Fortin and traverse the newly expanded Panama Canal on July 26, 2016. The cargo, which is destined for Mexico, will be transported by the BP-owned LNG tanker, British Merchant and is the first LNG tanker with a cargo from Atlantic’s facility to go through the new locks.
The expanded canal can now accommodate the majority of the larger tankers which ship LNG globally. Atlantic’s Chief Executive Officer, Nigel Darlow believes this augurs well for Trinidad and Tobago, as it shortens the time and distance for larger LNG tankers to reach targeted markets particularly in Asia.
“Prior to June 2016, approximately 8% of the world’s LNG tankers utilized the Canal however, with the expansion, 90% of the worldwide fleet can now traverse” he explained.
Now, all but the largest class of tankers can use the waterway. The British Merchant, which was built to transport a volume of approximately 138,000 cubic metres, can now be easily accommodated on the recently enlarged Panama Canal (also referred to as post-Panamax). The Canal now has a capacity for tankers that carry volumes to a capacity of approximately 180,000 cubic metres – nearly twice its original capacity.
Darlow is encouraged by the prospect given that it is good news for Atlantic and the country, since it further strengthens market accessibility for Trinidad and Tobago’s LNG, especially to the Asian market which accounted for 72% of worldwide LNG demand in 2015.