ShippingWatch

Golar under pressure in LNG market

US-based tanker carrier Golar is facing pressure from low LNG rates and finished the second quarter at a deficit.

Golar LNG is in the midst of a process to change its fleet, to increasingly consist of FLNGs og FSRUs - floating production and storage facilities for LNG - instead of exclusively operating LNG vessels. And this move is right and not least necessary in the current LNG market, says the company in its second quarter interim report.

"A significant share of growth in the LNG market over the coming years is expected to come from LNG replacing coal and oil based power generation. The LNG shipping market remains under pressure and rates so far in 3Q have remained at levels around USD 25 - 30,000 per day. Utilization of the shipping fleet has however improved in 3Q versus 2Q," states the carrier, projecting solid results for the third quarter, now well underway.

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