Norwegian tanker magnate starves competition / News / The Foreigner

The Foreigner Norwegian tanker magnate starves competition. Norwegian-Cypriot John Fredriksen is on a ship-spending spree to try to corner the Liquefied Natural Gas market, a market analyst believes. In the last two weeks, Golar LNG has announced it is to purchase six ships for a total of 6.6 billion kroner. Erik Nikolai Stavseth, analyst at Arctic Securities, tells Finansavisen there will be an increasing need for LNG ships in times to come. Golar’s competitors could be forced to knock on its doors to either secure well-paid, long-term contracts, or buy new ships.

johnfredriksen, golarlng, arcticsecurities



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Norwegian tanker magnate starves competition

Published on Wednesday, 27th April, 2011 at 11:21 under the news category, by Michael Sandelson   .

Norwegian-Cypriot John Fredriksen is on a ship-spending spree to try to corner the Liquefied Natural Gas market, a market analyst believes.



In the last two weeks, Golar LNG has announced it is to purchase six ships for a total of 6.6 billion kroner.

Erik Nikolai Stavseth, analyst at Arctic Securities, tells Finansavisen there will be an increasing need for LNG ships in times to come. Golar’s competitors could be forced to knock on its doors to either secure well-paid, long-term contracts, or buy new ships.

“It’s quite clear Golar is trying to squeeze the market into a corner. It is [also] sending so many of its vessels to shipyards [for conversion to Floating Storage and Regasification Units (FSRG)] that nobody else who wants ships delivered in the near future will get them,” he says.

Golar’s recent purchase contracts mean its first four ships will be delivered in 2013. The last two, both of 160,000 cubic metres and built by Samsung Heavy Industries in Korea, expected in 2013-14.

“It will be simple for Golar to secure long-term, well-paid contracts with such early deliveries,” says Mr Stavseth.

Yesterday’s closing price for Golar LNG’s stocks was 162.50 per share.



Published on Wednesday, 27th April, 2011 at 11:21 under the news category, by Michael Sandelson   .

This post has the following tags: johnfredriksen, golarlng, arcticsecurities.


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