OOCL Fleet Moves Forward to Meet IMO 2020 Regulation



Over the years, the industry has seen an increasing amount of attention given to the environmental impact from the global supply chain, resulting in regulations on emissions control and environmental protection becoming more stringent and widespread across the world. 


May it be in the form of introducing or expanding Emissions Control Areas (ECA) on the regional level, meeting slow steaming requirements during sensitive seasons to avoid whale strikes at the local level, or investing in more efficient ships with the latest environment friendly features to meet emissions reduction targets, we have all been doing our part to contribute to the protection of our environment.


OOCL has consistently outperformed many international requirements and industry standards by proactively taking on a leadership role in implementing many important initiatives to address global environmental challenges.  They include green investment on our assets, development of green IT solutions, better Greenhouse Gas management, and participation in global environmental initiatives, contributing to the success and development of our environmental sustainability profile.


Moving forward, the industry will be stepping into an important chapter in its history by ensuring all ocean-going vessels in our fleets will be able to meet the International Maritime Organization’s (IMO) new Sulphur cap regulation by January 2020.  With this new Sulphur cap on marine fuel lowering from 3.5% to 0.5%, approximately 85% of Sulphur emissions is expected to be reduced but at a significant cost to the entire industry, estimated at about US$60 billion each year. 


Currently, the industry has been grappling with the challenges associated to fleet adjustment options, including uncertainties in the availability and accessibility of the 0.5% Low Sulphur Fuel (LSF) in the market and the premium that will be charged for the cleaner fuel.  As we explore our options and what would be best for our fleet to ensure compliance by the deadline, OOCL will begin our transition into the use of LSF for our entire fleet during the second half of 2019.  


By looking into the expected bunker consumption of our fleet and the projected price difference from switching to the compliant fuel which may possibly become increasingly expensive due to tight supply in the market, we expect the additional cost impact to easily fall well above half a billion dollars.  Under the current industry environment and the level of cost involved to an industry that is already very cost-sensitive for survival, shippers and the consumers will need to prepare to shoulder this burden.


In preparation for the surge in this operating cost and in consideration of the continual trend of rising fuel prices in the market, OOCL will be introducing a bunker recovery approach based on a floating bunker formula that will better reflect the changes in the industry environment.  This approach will take various factors into account, including the different fuel types being used, fuel price fluctuations, ship size and capacity, and vessel utilization levels.


In sum, we believe that we are taking the right step towards a greener and more transparent direction forward in the industry as we all embrace the IMO 2020 Regulation together.  As a responsible and committed member of the international community, OOCL will continue to work closely with our customers and business partners to strive for further improvements in all aspects of our businesses for a greener future in the generations to come. 


“Orient Overseas Container Line" and “OOCL" are trade names for transportation provided separately by: Orient Overseas Container Line Limited (“OOCLL") and OOCL (Europe) Limited respectively and both are wholly-owned subsidiaries of Orient Overseas (International) Limited, a public company (0316) listed on the Hong Kong Stock Exchange. Headquartered in Hong Kong, OOCL is one of the world's largest integrated international container transportation and logistics companies, with more than 360 offices in 70 countries. Linking Asia, Europe, North America, the Mediterranean, the Indian sub-continent, the Middle East and Australia/New Zealand, the company offers transportation services to all major east/west trading economies of the world. OOCL is one of the leading international carriers serving China, providing a full range of logistics and transportation services throughout the country. It is also an industry leader in the use of information technology and e-commerce to manage the entire cargo process.



Posted by 뜨락 뜨락(Countrylife4u)

UK’s largest marine simulation training centre to operate using Wärtsilä equipment


The technology group Wärtsilä has been selected to provide a full scope of marine simulators for a new training facility at Solent University’s Warsash School of Maritime Science and Engineering, located in Southampton, England.


Scheduled to complete in spring 2019, it will be the largest marine simulation training centre in the U.K. The contract with Wärtsilä, which was booked in September 2018, is linked to a five-year continuous service agreement.


“We are extremely proud to have been selected to provide the simulators for this very important training facility. The quality and flexibility of our solutions are the highest on the market, and have been developed to deliver the most realistic and valuable training possible for the marine officers of the future. The digital technology used aligns very closely with Wärtsilä’s Smart Marine initiatives, whereby high levels of digitalisation and connectivity are employed to deliver even greater efficiencies,” says Joonas Makkonen, Vice President, Voyage Solutions, Wärtsilä Marine Solutions.


“The simulation centre will be a central pillar of our maritime education, training and research programme. We are very pleased to be able to call on the global experience and extensive industry know-how of Wärtsilä in making this project a success,” says Syamantak Bhattacharya, Dean of Solent University’s Warsash School of Maritime, Science and Engineering.


The simulator complex will provide decision support, analysis, and training based on live data received from ships and ports. The Wärtsilä scope includes state-of-the-art navigational bridges, engine room, liquid cargo handling, Global Maritime Distress and Safety System (GMDSS), and crane operation simulators.


Wärtsilä simulation and training services provide integrated solutions and high quality content designed to bridge the gap between the Standard of Training, Certification and Watchkeeping for seafarers (STCW), and the required level of competency. STCW sets the minimum qualification standards for masters, officers, and watch personnel on seagoing merchant ships and large yachts.


The equipment technology is provided by Transas, the leader in training and simulation services. Transas was acquired by Wärtsilä in May 2018. The company offers both land- and ship-based simulation systems that utilise digital twins of actual vessels covering all onboard systems. Real data from the ship can also be used to replay onboard operations for training purposes.


To date, more than 5500 simulators have been delivered by Transas to some 1300 customers in more than 90 countries. The main customer segments include both government and privately owned training centres and academies, shipping and crewing companies, agencies such as port authorities and pilot associations, as well as navies and coastguards.


Image caption (from left to right): Lars Lippuner, Head of Commercial Operations, Warsash School of Maritime Science and Engineering; Alex Ponomarev, Area Sales Manager, Wärtsilä; Muhammad Shafique, Senior Lecturer, Warsash School of Maritime Science and Engineering; Syamantak Bhattacharya, Dean, Warsash School of Maritime Science and Engineering 



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Rolls-Royce welcomes Delta TechOps into expanded service network as Trent 1000 work begins


Rolls-Royce has welcomed Delta TechOps into its expanded service network as it begins work on its first Trent engine.


Delta TechOps began operations as a Trent Authorised Maintenance Centre, with the induction of a Trent 1000 engine module. The 127,000 sq ft state-of-the-art facility will also carry out services on the Trent 7000 and Trent XWB.



Rolls-Royce has been responding with a range of activities to support customers experiencing disruption as a result of the requirement for increased inspections on Trent 1000 engines. These activities, which include an increase in maintenance capacity for affected engines, the introduction of a new inspection technique and the acceleration of a permanent fix for the issue, are all aimed at reducing the operational impact on customers.


The addition of Delta TechOps supports the growth of maintenance capacity and also supports Rolls-Royce’s wider services strategy to develop an increasingly capable, competitive and flexible CareNetwork.


Don Mitacek, Senior Vice President, Delta TechOps, said: “We are incredibly proud of our new facility and proud to be part of the Rolls-Royce CareNetwork. We look forward to supporting Rolls-Royce across three significant engine programmes starting with the Trent 1000, alongside our existing BR715 line.”


Tom Palmer, Rolls-Royce, Director of Services, Civil Aerospace, said: “It's great to have Delta TechOps up and running and working alongside us. They have an important role to play both in helping us address our immediate Trent 1000 issue, and in the longer term as part of our network growth to service our expanding Trent fleet.”


The new facility, in Atlanta, Georgia, has been created by converting several large hangar bays. The workshop consists of areas for engine assembly and disassembly; kitting parts; engines work in progress; shop materials and supplies, life limited parts and repair and support. A new test cell will open later this year capable of testing engines to 150,000lb thrust.


Delta TechOps already carries out service support for Rolls-Royce BR715 regional jet engines.

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Wärtsilä and Royal Caribbean extend their partnership to 2028


The marine and cruise industry is moving more and more toward long-term partnerships. Wärtsilä and Royal Caribbean Cruises Ltd. are leading the way by strengthening their long-term cooperation and extending their service agreement to the year 2028. The original agreement, signed in 2013, spanned 10 years. Under the agreement, Wärtsilä is optimising maintenance efficiency through improved Turbocharger maintenance, providing OEM spare parts, workshop services and preferred technical assistance for 46 Royal Caribbean Cruises’ ships.



Royal Caribbean Cruises Ltd. (RCL) is the second largest cruise company in the world. The company’s key objective is to provide cruise customers with the best holiday experience, therefore the reliability of the equipment installed on board RCL’s vessels is of the utmost importance. The availability of Wärtsilä’s technical support at all times, everywhere in the world, helps ensure optimal operations for RCL’s vessels.


The partnership is to complement the RCL Global Marine in-house expertise with continuous improvement via various technical innovations and direct access to Wärtsilä’s technical expertise with continuous focus on safety and life cycle cost.


This new agreement between RCL and Wärtsilä, signed in June 2018, covers a total of 196 engines installed in 46 cruise ships, the majority of which sail in the Caribbean and Europe. The largest portion of RCL fleet of vessels is equipped with Wärtsilä’s condition monitoring technology, which transmits real-time information about engine condition to a Wärtsilä Expertise Centre for analysis. This allows for predictive maintenance planning and optimisation of operations.


“When it comes to maintenance planning and operations, the marine and cruise industry is moving more and more toward long-term partnerships. This is a natural direction, as it enables a holistic approach to vessel maintenance. A partner that understands the installation and optimises their condition throughout their lifecycle can help Royal Caribbean to enhance their business. Close cooperation is essential in such partnerships,” says Sean Carey, Service Unit Director North America, Wärtsilä Services.



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BIO-SEA BWTS SELECTED FOR A RAFT OF NEWBUILD AND RETROFIT PROJECTS


BIO-UV Group has signed an agreement to supply its fully type-approved BIO-SEA ballast water treatment system for retrofit installation to Louis Dreyfus Armateurs’ 3500dwt ro-ro vessel Ciudad de Cadiz.


BIO-UV Group will supply a BIO-SEA semi-modular system capable of handling flow rates of 300m3/h. The vessel transports large sections and parts for the Airbus A380.



This will be LDA’s 6th BIO-SEA installation and follows newbuild installations to the 83m service operation vessels (SOV) Wind of Change and Wind of Servitude. Turkey’s CEMRE Shipyard is scheduled to deliver Wind of Change next year with the sistership following in 2021. Each ship will operate a skid-mounted BIO-SEA B01-0150 unit.


“We are delighted that LDA has again selected BIO-SEA UV-based BWTS to treat this Ciudad de Cadiz’ ballast water. This, our 6th BWTS project with LDA, is a validation of the performance, reliability and efficiency of the BIO-SEA ballast water treatment system,” said BIO-UV Group President and CEO Benoît Gillmann.


In separate agreements, BIO-UV Group will also design, build and supply BIO-SEA units for retrofit installation to a Great Lakes tank barge operated by Canadian shipowner McAsphalt and for three newbuild barges under construction by Dutch shipbuilder Damen for delivery to Russian interests.


Following the receipt in June of USCG type approval for BIO-SEA, which confirmed the technology’s ability to treat freshwaters without limitation, McAsphalt opted for a modular BIO-SEA BO6-0750 unit for retrofit to the 11,800dwt tank barge John. J Carrick.


“BIO-SEA is currently the only ballast water treatment system on the market without any limitations on the time treated freshwater has to be held before discharge overboard. This has a real commercial and operational advantage for vessels operating on the Great Lakes,” said Xavier Deval, Business Director, BIO-SEA.


“With competitor systems, Great Lakes’ operators would typically have to wait 72h following treatment before they are allowed to discharge the water. And with a large number of ships trading on the Lakes, this can delay schedules and result in loss of earnings. This was a key concern for McAsphalt and one of the reasons BIO-SEA was selected.”


For the three barges Damen is building for Rosneft, BIO-UV Group will supply three skid-mounted 250m3/h capacity BIO-SEA B02-0250 units.


BIO-UV Group has partnered with Damen Green since 2014 and supplied a number of ballast water treatment systems to the Dutch shipbuilding group.


“These new orders confirm the strong sales momentum gained by the Group year-to-date and its ambition to ramp up growth in the high-potential ballast water market,” said Mr. Gillmann.



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DHT Holdings, Inc. announces the resignation of Carsten Mortensen and appointment of Anders Onarheim to its board of directors


HAMILTON, BERMUDA, October 3, 2018 - DHT Holdings, Inc. (NYSE:DHT) ("DHT" or the "Company") today announced that Mr. Carsten Mortensen has resigned from the Company's board of directors and that the Company has appointed Mr. Anders Onarheim to its board of directors, effective immediately, as a Class III Director with a term expiring at the Company's 2021 annual meeting of shareholders.



Mr. Anders Onarheim has more than 30 years of experience from the capital markets, both in Norway and internationally.  His experience includes 16 years at Carnegie Investment Bank in Norway, where he served as Managing Director and then CEO, as well as several years as Executive Director in the investment banking division of Goldman Sachs in London, and as Vice President of institutional sales at Merrill Lynch in New York and London.  He has held a number of board directorships within both industrial companies and investment firms.  Current directorships include North Energy ASA, Reach Subsea ASA and BW LPG.  He holds an MBA from Washington University of St. Louis where he graduated in 1986.  Mr. Onarheim is a Norwegian citizen and resident.


ABOUT DHT HOLDINGS, INC.

DHT is an independent crude oil tanker company operating a fleet of crude oil tankers in the VLCC and Aframax segments.  We operate through our integrated management companies in Oslo, Norway and Singapore.  For further information: www.dhtankers.com.



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NEWPORT SHIPPING PURCHASES 100 SCRUBBERS FOR TURNKEY RETROFIT SERVICES


Newport Shipping Group has purchased 100 scrubbers with options for an additional 100 units from Chinese scrubber manufacturer Weihai Puyi Marine Environmental Technology Co (Puyier).


The bulk purchase of scrubbers, which aims to safeguard shipowners against any price hikes or production bottlenecks as demand increases, coincides with the signing of cooperation agreements with engineering services providers Harris-Pye and Goltens.


Newport Shipping Chief Executive Officer Erol Sarikaya said: “Together with our existing global network of drydocks, we can now offer the marine industry its first-ever turnkey scrubber retrofit solution. We are providing shipowners with a true one-stop-shop for equipment procurement, engineering, guaranteed retrofit slots, and attractive deferred payment plans covering up to 60% of the total contract cover over 18-months subsequent to retrofit completion.


“Having secured an 8-month lead-time for scrubbers ordered by the end of October, we can guarantee shipowners that their retrofits will be completed well in advance of the 2020 Sulphur Cap implementation date.”


Engineering will be facilitated by Harris Pye and Goltens, both established marine engineering companies with histories dating back to 1976 and 1940, respectively. Theses companies will provide 3D scanning and engineering services, including basic and detailed design, prefabrication and, where and when required, riding squads to facilitate partial or full in-service retrofits.


Goltens VP Sandeep Seth said: “The market is gathering pace as more and more shipowners opt for the scrubber solution as the way to comply with the global sulphur cap rule. With the agreement we have reached with Newport Shipping, shipowners benefit not only from our Green Technologies’ service offering, but drydock availability, a cost-effective means of financing their scrubber retrofits and a scrubber technology that is proven with more than 50 installations.”


Harris-Pye COO Chris David said: “With the global emissions regulation due to enter into force in just over one year, shipowners and operators are realising that exhaust cleaning makes more commercial sense due to the clear payback. Harris-Pye further enhances Newport Shipping offerings by providing a significant scope of in-service work which reduces off-hire time at the shipyard for a more rapid retrofit re-delivery.”


Roy Yap, Newport Shipping’s COO, said: “Having vetted numerous scrubber manufacturers over the past year, including new entrants to the market; we selected Puyier because of its 10-year track record in exhaust gas cleaning technology. Together with our professional network of partners, Newport makes scrubbers accessible for retrofits in service or at the shipyard.”


Puyier General Manager Ryan Gao said: “With Newport’s bulk purchase of 100+100 scrubbers we are able to pass on any savings to the shipowner while locking in favourable delivery slots. With major scrubber manufacturers offering lead-times of between 16 to 20 months; our established design, supply chain and manufacturing base provide timely 8-month deliveries for Newport customers.”


Puyier manufactures open, closed and hybrid scrubber systems in both I-type and U-type configuration. It has more than 70 references including major operators as TRF and RCL and another 100 units on order. The system received approval from all the major classification societies following its installation aboard the containership COSCO Binghe in 2013


Newport currently has a pipeline of owners across all major vessel classes for projects totalling 87 of the 100 scrubbers purchased with binding LOIs and contracts.

Posted by 뜨락 뜨락(Countrylife4u)

EVER-LASTING BEARINGS KEEP WORLD’S LARGEST SLOOP EVER-READY FOR CHARTER



One of the projects Canada’s Thordon Bearings is most proud to be associated with is that of the Mirabella V, which has been operating the company’s SXL and COMPAC bearings continually for more than 15 years.


The M5, formerly named Mirabella V, designed by Ron Holland Designs, was built by VT Shipbuilding of Woolston, UK in 2003. The 77m flybridge sloop, with a beam of 14.8m (48.5 ft) and a height of 88.5m (290.3 ft) to the top of the carbon mast, is the largest single-masted sailing ship ever built.



The single-mast sloop sail design was chosen in order to maximise the accommodation space, as M5 was built for luxury yacht charters, offering equivalent facilities to those of a similarly-sized motoryacht. The righting moment of the sailboat hull is said to make it more sea-kindly than a motor vessel, which enhances passenger comfort. The high-aspect sail configuration gives a good speed potential, and M5 regularly achieves over 19 knots in 3.5m (11.5 ft) wave heights.


Such a tall mast has to be balanced by a deep keel, and maximum draught is 10.2m (33.5 ft). To allow M5 to enter harbours such as her original home port of Palm Beach, Florida, naval architect John Stott of Ron Holland Design specified a lifting keel, weighing 150 tonnes. This was chosen rather than the swing keels normally specified in similar large sailing yacht applications. The keel is raised by powerful hydraulic cylinders, and when fully retracted the draught is reduced to 4m (13.1 ft).


Support pads for the keel had to be capable of carrying high loads and offer good wear resistance, as well as being as quiet as possible in operation. During Stott’s research into composite bearing materials he discovered Thordon. And working in conjunction with Thordon’s Chief Designer, he specified the company’s SXL pads for the lateral guides, and for the front and back guides, which also function as location ram bearings for the keel locking arrangement, Thordon SXL TRAXL bearings with Thorseals were chosen.


The Thordon inventory is completed by water-lubricated COMPAC propeller shaft bearings for the motor propulsion plant, which were specified by propeller supplier Rolls-Royce Kamewa.


Coinciding with the change of name, the yacht underwent a comprehensive refit at Pendennis Shipyard in Falmouth, UK, in 2013. Work included replacement of MTU main engines with higher-power 1300 bhp Caterpillar units, a new electrical system, redesigned interior, an extended stern and reverse transom, a lighter ballast arrangement and carbon fibre standing rigging.


During the DNV 10-year survey which was undertaken at the same time, the Thordon bearings were all found to be in excellent condition, and they remain fully serviceable five years on, with a total of 15 years’ service.


George Morrison, Thordon’s Regional Manager, said: “The SXL lateral guides have proven capable of withstanding the high forces and have shown excellent wear resistance, while the SXL TRAXL bearings have proved highly capable of withstanding high operating pressures and able to absorb impact loads. The Thorseal self-lubricating polymer material has been shown to reduce cylinder wear, while noise is minimised when the keel lifting mechanism is in operation. This is because there is no metal-on-metal contact.”


When the vessel was launched in 2003, Thordon’s scope of supply helped towards M5 breaking new technological barriers. It continues to do so, ensuring the sloop is sea-worthy and available for charter.



Posted by 뜨락 뜨락(Countrylife4u)

Lifting technology: Konecranes modernises the rotary crane at the DLR test facility for rocket drives


/ins  Konecranes modernises the rotary crane at the test facility for rocket drives at the Deutsches Zentrum für Luft- und Raumfahrt DLR (German Aerospace Centre), installing the latest technology for increased efficiency and safety.


Konecranes modernises the rotary crane at the test facility for rocket drives at the Deutsches Zentrum für Luft- und Raumfahrt DLR (German Aerospace Centre), installing the latest technology for increased efficiency and safety.


Lampoldshausen, the headquarters of the Deutsches Zentrum für Luft- und Raumfahrt DLR (German Aerospace Center): is where the technology is being developed for European space travel. The upper station drives for the Ariane launch rockets are tested here, at the P4 test facility. The tests are planned in great detail with the process flows monitored and timed precisely. The rotary crane on the building roof plays an important role in preparing these tests. The ageing crane system was in need of an upgrade. Konecranes provided a solution that not only made the crane more efficient and safer but also reduced operating costs using the latest in electrical systems and drive technology.



An area of 51 hectares on the southern edge of the Harthausen Forest in Southwest Germany – is home to forests, agriculture, nature and cutting-edge technology for European space travel which is being developed amidst this idyllic setting at the Lampoldshausen site of the Deutsches Zentrum für Luft- und Raumfahrt DLR (German Aerospace Center). At DLR’s Institute of Space Propulsion, 320 employees are primarily researching drive gear technology for the upper stations of the Ariane launch rocket family. This technology is used when supplying the International Space Station ISS and in the development of the European satellite navigation system Galileo. The drive gears are tested at the P4 test facility, one of a total of eight test facilities in Lampoldshausen, under the conditions they will be exposed to later when flying in space. Valuable research equipment, weighing several tonnes is delivered and unloaded when preparing these tests. This is a key task for the rotary crane on the roof of the building, which is nearly 12 meters tall. In order to upgrade the old crane system, DLR counted on the experience and competence of Konecranes, one of the world’s leading manufacturers of crane and lifting technology.


“We closely inspected the 1964 rotary crane on the roof of the test facility P4 and together with DLR, developed a concept to update the crane system to the latest technical level. With features such as the frequency-regulated drives for the rotating gear and overhead gantry, the rotary crane now meets all the modern requirements of test facility and its operation,” says Werner Marquardt, Project Manager Modernisations at Konecranes. The crane experts also reinforced the steel structure and renewed its corrosion protection coating. Worn mechanical components were replaced and the crane’s electrical system completely changed. With new footbridges, platforms and ladders, Konecranes also improved the access and safety of the crane system.


On the roof of the rocket drive test facility, the crane system must withstand a range of temperatures from minus 5 to plus 40 degrees Celsius with wind, rain, sun and snow in all seasons. Moreover, the state of Baden-Württemberg has more rainfall than any other in Germany. 965 liters per square meter fell on average in 2016. “Over the years, the weather exposure has had a heavy impact on the rust-protection and the steel structure,” says Werner Marquardt. For this reason, Konecranes specialists first dismantled the counterweight of 5.5. tonnes before removing the main structure of the 13.8-tonne crane. This was removed with the help of two truck-mounted cranes and placed on the terrain surface. For the transport, a special screwed joint was fitted between the boom and the 3.2-tonne base section for safety and stability. In a preparation hall, crane experts removed the remaining paint layer by sandblasting. Then following a comprehensive welding program, the steel structure was successfully reinforced and statically recalculated. Finally, the crane system received an entirely new coat of paint to protect it from the elements. Now back and installed in the test facility, the rotary crane is now able to move loads of up to 5 tonnes with an outreach of 15 meters. Additionally, with an outreach of 10.3 meters, it is now possible to transport loads of up to 7.5 tonnes.


Safe and precise transport with CXT drives

“When preparing our rocket drive tests, system parts such as filters, flaps and pipes, as well as additional technical research material and equipment are transported to the test facility using trucks. The rotary crane lifts the sensitive material from the loading surface and manoeuvres it with precision to the gate of 

Posted by 뜨락 뜨락(Countrylife4u)

Stolt-Nielsen Limited, Golar LNG Ltd and Höegh LNG Holdings Ltd Announce Joint $182 Million Investment in Avenir LNG Ltd

   


Hamilton, Bermuda, 01 October 2018 - Golar LNG Limited ("Golar LNG" or "Golar") announced today an investment of USD 24.75 million in Avenir LNG Ltd. The investment is part of a combined commitment of up to USD 182 million from Stolt-Nielsen Ltd. ("Stolt-Nielsen"), Höegh LNG Holdings Ltd. ("Höegh LNG") and Golar for the pursuit of opportunities in small-scale LNG, including the delivery of LNG to areas of stranded demand, the development of LNG bunkering services and supply to the transportation sector.


Avenir LNG intends to utilize the best-in-class capabilities of its anchor investors to build a global presence as the leading provider of small-scale LNG, and it will be among the first movers in this market with a fleet of small-scale LNG carriers and terminals. The market for small-scale LNG is rapidly expanding, with great potential to be realized in the off-grid power, transportation and bunkering markets because of high-margin oil-to-gas switching, policy changes and environmental benefits of consuming LNG relative to alternative fossil fuels. The forthcoming IMO 2020 regulations are one of many driving factors for increased small-scale LNG consumption, and Avenir LNG plans to introduce safe and efficient ship-to-ship bunkering services at key strategic ports to meet and develop demand for LNG as a marine fuel.


Avenir LNG was originally formed by Stolt-Nielsen in 2017 to provide LNG to markets lacking access to LNG pipelines. Stolt-Nielsen will consolidate all its LNG activities into Avenir, including four small-scale LNG carriers currently under construction at Keppel Singmarine in Nantong, China, and an LNG terminal and distribution facility under development in the Italian port of Oristano, Sardinia. Avenir LNG plans to source and ship LNG to the terminal using small LNG carriers, and distribute the LNG in trucks and through regasification into the local gas grid. 


Golar LNG and Höegh LNG will each hold an initial share of 25% of Avenir LNG, while Stolt-Nielsen will remain the largest shareholder with ownership of 50%. Subsequent to the initial capital raise, Avenir LNG contemplates a public listing on the Oslo Over-The-Counter market during 2018.


Commenting on the transaction, Iain Ross, Chief Executive Officer of Golar LNG, said, "Small scale LNG transportation and distribution represents an exciting new market with significant growth prospects.   Avenir is the right vehicle for this market entry and its formation builds on the teaming agreement signed with Stolt-Nielsen in June 2015.  The addition of Höegh LNG will allow Avenir to create a business with the experience and scale to tackle all aspects of small scale LNG."


FORWARD LOOKING STATEMENTS

This press release contains certain forward-looking statements concerning future events and Golar's operations, performance and financial condition. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain the words "believe", "anticipate", "expect", "estimate", "project", "will be", "will continue", "will likely result", "plan", "intend" or words or phrases of similar meanings. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond Golar's control. Actual results may differ materially from those expressed or implied by such forward-looking statements.  Important factors that could cause actual results to differ materially include, but are not limited to, those factors listed from time to time in the reports and other documents Golar files with the United States Securities and Exchange Commission.  


New factors emerge from time to time, and it is not possible for Golar to predict all of these factors. Further, Golar cannot assess the impact of each such factor on its business or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward-looking statement. Golar does not intend to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Golar's expectations with respect thereto or any change in events, conditions or circumstances on which any such statement is based.

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