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Older LNG Freight Carriers Converted to FSRU
Ocean freight carriers of LNG cargoes will be arriving at the newly converted 137,000-cmb LNG floating storage and regasification unit (FSRU) Golar Freeze sometime near the end of the year. Reports around the ocean freight carrier industry indicate that the Golar Freeze emerged from the Keppel Shipyard in Singapore near the end of April, before heading to Fujairah in the Middle East Gulf. The latest sources have the Golar Freeze arriving in Dubai sometime in May and then starting work for the Dubai Supply Authority (Dusop) under a charter agreement.

The Golar Freeze will be used by the Dubai Supply Authority as its LNG import terminal, once imports begin to arrive sometime near the end of 2010 and the work on the receiving facilities are finished. In the meantime the Golar Freeze is apparently being moored at a specially constructed jetty owned and operated by DP World.

The Golar Freeze is the third converted floating storage and regasification unit that Golar LNG has converted and sold to other ocean freight carriers of LNG. The Golar Spirit and Golar Winter were delivered to Brazil's Petrobas, while the Golar Frost went to the consortiuim developing the Livorno offshore LNG terminal and is currently being converted by Drydocks World in Dubai, according to the latest reports from the freight carrier industry front line.

Sources around the ocean freight carrier industry also indicate that this Norweigan LNG carrier owner still has a number of older LNG freight carriers that could be suitable candidates for conversion to FSRUs that could be sold. Considering Golar LNG's history of converting LNG carriers into FSRUs, we should probably expect to see more of Golar's LNG carriers being converted in the months and years ahead.
Posted on 27 Sep 2010 by Momentum
Freight Carriers Ship Iron Ore to China
Ocean freight carriers that ship freight for Wuhan Iron & Steel Company (Wisco) are probably smiling right about now? Canadians might not be aware that this month Wuhan Iron & Steel Company will begin shipping iron ore from Canada's Lake Bloom iron ore deposit to China on a regular basis. China's second largest iron ore group, Wuhan Iron & Steel Company is presently about 20 percent self-sufficient in its iron ore requirements. At the present moment the Lake Bloom Iron Ore deposit has about 640 million tonnes of iron-ore in reserve and produces around 7 million tonnes of iron ore on an annual basis. Wisco would of course like to be totally self-sufficient in its iron ore requirements as possible, so the question could be just how much iron ore will eventually be transported to China from Canada, now that Consolidated Thompson Iron Ore Mines Ltd (CLM) is majority-controlled by Wisco. Wisco completed a purchase of 45.2 million shares from CLM last year in July for around $240 million.

Reports are also coming in of Chinese sources in the ocean freight carrier industry claiming that the deal between CLM and Wisco will actually involve transporting ore from 3 CLM-owned mines, but this has yet to be confirmed.

The real question that could appear out of this affair could be the effect this huge deal could have on ocean freight rates? The rates should be supported by this deal that's likely connected to China's desire to find sources of iron ore, other than the traditional sources it has been purchasing in Australia and Brazil. This deal will also begin to ship freight to China from Canada's Sept-Isles, Pointe Noire and Port Carter sometime this month. The journey from these ports to China is longer than the trip from Australia or India to China and this is certainly going to change the cost-equation and possibly help keep the freight rates supported and hopefully a little more stable for awhile.
Posted on 24 Sep 2010 by Momentum

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