Fri, Jan. 9, 12:25 PM
- Frontline (FRO +10.1%) has now jumped 63% this week amid speculation that a plunge in crude prices is spurring demand for the vessels to store cargoes.
- “The re-emergence of floating storage is what could move the crude tanker market this year from being rather good to possibly very very good," says a shipping analyst at Pareto Securities in Oslo.
- Traders may park as much as 60M barrels of oil on tankers in the coming months, according to consulting firm JBC Energy.
- Among other tanker companies: TK +1.2%, TNK +3.4%, TOO -0.3%, TGP -0.1%, TNP -0.7%, GLNG -1.9%, NAT -0.6%, DHT +3.1%.
- Earlier: Reuters: Oil glut sparks top traders to book supertankers for storage at sea
Thu, Jan. 8, 4:38 PM
- Golar LNG Partners (NASDAQ:GMLP) -4.2% AH on news it plans to sell 7.17M common units to Golar LNG (NASDAQ:GLNG), using the proceeds to fund part of the recently announced contract with Keppel Shipyard to convert one of its first generation liquefied natural gas carriers into a floating natural gas liquefaction facility.
- The proceeds will be in addition to those expected to be received over the next two years from the announced $390M sale of the Golar Eskimo to GMLP.
Dec. 24, 2014, 10:27 AM
- Golar LNG (GLNG +5.4%) says it has signed a heads of agreement for the development of a floating liquefied natural gas export project offshore Cameroon that could lead to output from early 2017.
- GLNG will provide the liquefaction facilities and services under a tolling agreement to SNH and Perenco as owners of the upstream joint venture; GLNG expects allocated reserves will be produced at the rate of ~1.2M metric tons/year of LNG over eight years.
- The project will be the first floating LNG export project in Africa; production is expected to begin in H1 2017.
Sep. 22, 2014, 12:31 PM
- Former BG Group CEO Sir Frank Chapman has taken over as chairman at Golar LNG (GLNG -2%), in a move that was widely expected.
- Chapman stepped down from his BG post at the end of 2012; he is currently non-executive chairman of the safety and ethics committee at Rolls Royce.
- Seadrill revealed on Friday that Tor Olav Troim, John Fredriksen's former right-hand man, was quitting its board and expects to focus on GLNG.
Sep. 19, 2014, 2:09 PM
- Seadrill (SDRL -6.4%) says Tor Olav Troeim, who until recently was considered John Fredriksen's right-hand man, is quitting its board, sending shares sharply lower.
- SDRL says Troeim will focus his efforts on developing liquefied natural gas shipping firm Golar LNG (GLNG +1.7%); it had been known that Troim’s position was set to change, but he was expected to remain a significant player at SDRL.
- Troeim recently owned ~2.6M SDRL shares, but it is not known whether he would sell his stake; Fredriksen reaffirms his commitment to SDRL, in which he is the biggest investor with a 24% stake.
- NADL -12%, SDLP -0.7%.
Sep. 4, 2014, 5:36 PM
Sep. 4, 2014, 5:02 PM
- Golar LNG (NASDAQ:GLNG) -8.8% AH after launching a secondary offering of ~27.83M common shares by its principal shareholder, World Shipholding Ltd., with an underwriters option to purchase up to an additional ~4.17M shares.
- World Shipbuilding owned nearly 33.8M GLNG shares prior the offering, equal to ~36.5% of shares outstanding.
- GLNG will receive no proceeds from the sale.
Aug. 26, 2014, 10:41 AM
- Golar LNG (GLNG +3.3%) moves higher after reporting better than expected Q2 revenues and noting that recent weeks have shown a moderate improvement in chartering demand.
- GLNG says rates took a downward turn near the end of the quarter despite a flurry of fixtures with steam vessels fixing at a daily average of $48K during June and TFDEs averaging of $61K; reports wide variations in rates depending on delivery and redelivery positioning requirements.
- As fundamentals remain challenging, GLNG expects H2 operating results to be generally in line with H1, with Q3 results likely to show some minor improvement over Q2.
Jun. 24, 2014, 5:38 PM
Feb. 20, 2014, 3:18 PM
- GasLog (GLOG +4.7%) is initiated with an Overweight rating and a $26 price target while gas shipping peer Golar LNG Partners (GMLP -3.6%) is downgraded to Equal Weight with a $33 target at Morgan Stanley.
- GLOG offers relatively low downside, having most of its fleet locked in solid long-term charters with strong counterparties and a reputation as a top quality operator, the firm says; GLOG's ability to identify attractive acquisition opportunities, not only by ordering newbuilds but also secondhand vessels, suggests stable growth potential.
- The firm sees lower upside for GMLP due to the anticipated difficulty of its parent, Golar LNG (GLNG +1%), to secure long-term contracts for its newbuilds during the next 12 months; however, even with the $33 price target, GMLP still offers 10%-15% total return including a 6.7% yield.
Dec. 6, 2013, 3:30 PM
- Golar LNG Partners (GMLP -6.2%) is defended at Clarkson Capital, which reiterates its Outperform rating and $38 price target after GMLP reveals plans to offer 5.1M units; parent Golar LNG (GLNG +0.4%) will sell 3.4M GMLP units as part of the offering.
- The acquisition of the Golar Igloo from GLNG was expected before the vessel begins service on a five-year contract to Kuwait National Petroleum in March 2014, the firm says; the transaction value is in-line with expectations, and the firm believes GMLP has solid distribution growth potential and strong unit coverage.
Dec. 5, 2013, 4:31 PM
- Golar LNG (GLNG) agrees to sell its ownership interest in the company that will own and operate the Golar Igloo floating storage and regasification unit to Golar LNG Partners (GMLP) for $310M.
- To fund the deal, GMLP plans a public offering of 5.1M common units, to include GLNG offering 3.4M common units as a selling unitholder.
- GLNG -1.9%, GMLP -4.9% AH.
Nov. 29, 2013, 10:48 AM
- Golar LNG's (GLNG +1.6%) ambitions to build several floating liquefied natural gas vessels remains the dominant variable for GLNG shares, Wells Fargo says, with the company providing significantly more color on its move in its Q3 report.
- The firm believes the potential for positive FLNG conversion and commercial updates throughout 2014 should continue to help break down the stock's correlation with spot LNG earnings, keeping it as buyers of the stock despite what it sees as a softer LNG carrier rate environment in 2014.
Aug. 6, 2013, 11:36 AM
- The biggest slump in tanker rates since January is signaling weaker U.S. oil imports and spurring analysts to predict a 15-year low for shares of Frontline (FRO -1.9%).
- Rates for the biggest crude carriers sank 68% in the past two weeks, more than reversing their advance since the end of June; the rise is seen as a blip, as the U.S. meets the highest share of its own energy needs in three decades.
- Rates for VLCCs, each hauling 2M barrels, fell to $7,954/day on Aug. 2 after rising as high as $24,493 on July 12; earnings last exceeded the $25.5K that FRO says it needs to break even in November.
- While U.S. oil production is bearish for crude tankers, it’s boosting demand for ships to export refined products, chemicals and liquefied petroleum gas; Scorpio Tankers (STNG) is expected to benefit.
Jul. 26, 2013, 5:30 PM
Jul. 26, 2013, 4:32 PMLiquefied natural gas shipper Golar LNG (GLNG +4.6%) powered higher following earlier news that it secured $1.125B in financing for the first eight of 13 planned newbuild vessels and FSRUs. In anticipation of the financing, GLNG had entered into interest rate swaps to hedge much of the loan so that the all-in interest cost for the initial seven years of the facility will be ~3.74%. | 1 Comment
GLNG vs. ETF Alternatives
Golar LNG Ltd is a midstream LNG company engaged primarily in the transportation, regasification and liquefaction and trading of LNG. It is engaged in the acquisition, ownership, operation and chartering of LNG carriers.
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