The LNG industry continues to struggle through a prolonged storm of low prices, with LNG spot prices struggling due to oversupply, according to the consultancy Douglas-Westwood.Henry Hub and Japan’s LNG spot prices declined by 28 percent and 57 percent respectively in August 2016 compared to the same period in 2014.A lower for longer scenario has led to a pause in the sanctioning of new build floating liquefaction units. In recent years, the conversion of existing LNG carriers to liquefaction facilities has been a popular development approach, this method is seen as a cheaper alternative, despite capacity restrictions, DW said in its report.The first converted liquefaction unit will be the GoFLNG Hili unit which is expected to start-up Q3 2017. This fledgling technology is forecast to experience a second wave of project start-ups by the end of the decade, with Golar’s Gimi and Gandria highlights of projects currently under consideration.Despite near-term concerns, Douglas Westwood’s World FLNG Market Forecast 2017-2022 expects Capex on FLNG facilities to total US$41.6 billion, with liquefaction units accounting for 59 percent of total spend.Expenditure on floating import facilities is forecast to total $16.9 billion, a 220 percent increase compared to the 2009-2015 period. This is due to a large number of projects going ahead in countries that have never had floating import vessels before. In addition, a number of countries will increase their current capacity, as investors take advantage of the short lead times and the relocation flexibility of floating regasification units compared to land based facilities.Other key drivers include diversification of sources of energy and commitments towards reducing global emissions – with the US and China agreeing to ratify the Paris climate deal and encouraging other nations to follow suit, DW said.The future of FLNG looks positive, due to the abundance of offshore gas reserves and the flexibility of LNG as a source of energy.Furthermore, the industry is moving away from its long-standing supply contracting model, as companies now increasingly rely on the spot market to supply long-term LNG contracts to take advantage of low commodity prices.
The direct service will call at the port on a monthly basis and can carry auto, rolling equipment and breakbulk cargo.After calling at other European ports, the vessels on the Atlantic Ocean service will sail from Vigo to Baltimore and Galveston in the USA; Veracruz in Mexico; Manzanillo in Panama; and Cartagena and Santa Marta in Colombia.The change will come into effect by the end January, when the first WWL vessel arrives in Vigo.In addition to the expanded Atlantic Ocean service, WWL will change the rotation of the three vessels trading between North and South America in February 2018, doubling the frequency of its South America service to two sailings per month.From March 2018, WWL will also introduce a third monthly northbound sailing from the South American East Coast to the US Gulf, calling at the ports of Zarate; Paranagua; Santos; Cartagena; Galveston; and Veracruz.For Manta, Iquique, Rio Grande and Suape, the once-monthly frequency will remain. Calls to Vitoria in Brazil and other ports will be considered upon request. In future, due to the political situation in Venezuela negatively affecting cargo volumes, direct calls to Puerto Cabello will only be considered on request. www.2wglobal.com
Leading automotive OEM (original equipment manufacturer) Bosch has been awarded with the “Safety Technology Award: Innovative Motorcycle Technology for Safer Riding” by the New Car Assessment Program for Southeast Asian Countries (ASEAN NCAP) this week.Image credit: BoschThe award sees Bosch being recognised for its continuous efforts in innovating safer riding with two-wheeler technologies such as the motorcycle anti-lock braking system (ABS), motorcycle stability control (MSC), and side view assist (pictured above) that were developed by its Japan-based Two Wheeler & Powersports Division.Both systems were displayed and demonstrated yesterday at the Sepang International Circuit (SIC) during the Global NCAP #StopTheCrash campaign. You can check out our feature of the Bosch motorcycle ABS system demonstration we published yesterday.Presently, the ASEAN region sits as the world’s third largest motorcycle market, with Bosch highlighting the region’s rising demands for enhanced riding safety especially in emerging markets. With statistics indicating 21,000 fatal motorcycle accidents recorded annually in Indonesia and Thailand alone, it is easy to see why.Malaysia, on the other hand, has the third highest road traffic fatality rate in ASEAN. According to the World Health Organization’s records in 2015, around 18 road fatalities were recorded daily in Malaysia with more than 60% of which involving motorcycles. Simong-Song, Managing Director of Bosch receiving an award from David Ward, Secretary General of Global NCAP (far left) and Professor Dr. Wong Shaw Voon, Chairman of ASEAN-NCAP (middle).Pic Credit:Bosch Bosch motorcycle systems awarded with ASEAN NCAP Safety Technology award. According to Bosch, its accident research studies show that if every motorcycle is equipped with ABS, roughly one fourth of accidents could be prevented. Presently, motorcycle ABS has become mandatory equipment for all 125cc and larger bikes in the European Union. Examples include the 2016 Vespa Sprint ABS and Primavera ABS that were recently launched locally.Similar legislation will be enforced in Japan and Taiwan starting from 2018 and 2019 respectively.Presently, Bosch offers its new and compact ABS 10 suite that’s developed specifically to meet the requirements of emerging markets. The first new production motorcycle model to adopt it is the upcoming 2017 Kawasaki Versys-X 250/300 that’s slated to enter markets early next year.–Ads–