Awilco LNG confirms consolidation discussions

Awilco LNG confirms consolidation discussions

Awilco LNG has confirmed it is in discussions to consolidate with other LNG players. The announcement comes as rumours swirl it is looking to form a shipowning joint venture with George Economou’s TMS Cardiff Gas and Tor Olav Troim’s Golar LNG.

The three parties are understood to be discussing pooling a fleet of 16 tri-fuel diesel electric propulsion ships into a new company, amid a very buoyant LNG shipping scene at present with rates in excess of $150,000 a day.

Awilco LNG said in a release to the Oslo Bors that the company is working with other shipowners with an aim to establish a consolidated “LNG shipping structure” that may offer scale and create commercial and financial synergies.

Awilco LNG’s CEO Jon Skule Storheill declined to elaborate on the details of the new company when contacted by Splash today.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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