Venture Global swoops on 9 in-build LNG carriers

Venture Global LNG's Calcascieu Pass, La., LNG export terminal

Arlington, Va., headquartered U.S. LNG export terminal operator Venture Global LNG is getting into vessel ownership. Yesterday, it announced the acquisition of nine LNG carriers currently under construction by an undisclosed South Korean shipbuilder (or shipbuilders). It says that deliveries of the ships will start later this year. Six vessels will have a cargo capacity of 174,000 cubic meters each and three a cargo capacity of 200,000 cubic meters each. All nine ships will be primarily fueled by Venture Global’s liquefied natural gas.

Ventura LNG did not disclose the price it is paying for the ships, or the seller.

“Venture Global is pleased to announce our new fleet of world-class, next generation LNG vessels, further strengthening our growing role as a major global energy provider,” said Venture Global CEO Mike Sabel. “This investment builds on our recent execution of a long-term terminal use agreement for regasification capacity at Europe’s largest LNG import terminal, further advancing the integration of our business across the entire LNG supply chain; from natural gas transmission, to liquefaction and export, to best-in-class LNG cargo ships and regasification capacity. This will be complementary to our core business as a supplier to long-term customers while also enabling optimization and optionality by allowing for the transport of LNG directly to the customer’s point of need. We are sending a strong signal to the global market of our long-term commitment to meeting the world’s growing energy demand at a large scale, bolstering the security of our customers and allies by providing them with clean, affordable, and reliable U.S. LNG as efficiently as possible.”

Venture Global says “the vessels are propelled by the latest two-stroke ME-GA and ME-GI engines which, in combination with the use of the most recent hull forms, shaft generator and air lubrication systems, result in the highest fuel efficiency and lowest GHG emissions based on currently available LNG carrier technology. The selected main engine type supported by the shaft generator technology significantly reduces methane slip compared to the previous generations of two-stroke and four-stroke propelled LNG carriers. LNG vessels are mainly powered by natural gas which is cleaner-burning than traditional fuel oil. Pollutants like nitrogen oxides and sulfur oxides are significantly reduced, and CO2 emissions are 25% lower than CO2 emissions from ships powered by fuel oil.”