Glencore acquires Ørsted's LNG business – and gets paid for it

Commodity trader Glencore takes over Ørsted's loss-incurring LNG business. "The transaction entails a payment from Ørsted to Glencore and will result in a loss that exceeds our current provision," Ørsted informs.

Photo: Mads Claus Rasmussen/Ritzau Scanpix

by MAZ PLECHINGER

Ørsted has managed to get out of its LNG commitments. Late Wednesday afternoon CET, the utility announced that its liquefied natural gas business had been sold to British-Swiss conglomerate Glencore, best known for its mining activities.

Already a subscriber?Log in here

Read the whole article

Get access for 7 days for free. No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

With your free trial you get:

Access all locked articles

Receive our daily newsletters

Access our app

Get full access for you and your coworkers

Start a free company trial today

Lowest order book in 15 years makes Nordea pursue new business in shipping
For subscribers
Teekay LNG to triple its bottom line in three years
For subscribers

Sign up for our newsletter

Stay ahead of development by receiving our newsletter on the latest sector knowledge.

Newsletter terms

Front page now

The penal code provision on trespassing is used when someone enters private property without permission. | Foto: Jens Dresling/Ritzau Scanpix

Container

Multiple arrests as protestors block entrance to Maersk HQ

14 people have been charged with trespassing in connection with a pro-Palestinian demonstration on Esplanaden in Copenhagen.

Drone attack in Red Sea damages merchant ship

Maersk has high hopes for rail freight that sidesteps Russia

For subscribers

Halvor Sveen is chief executive of Oslo-based shipping bank Maritime & Merchant. | Photo: Marine Money/Oscar May

Suppliers

Maritime & Merchant notes fierce competition in loans for shipping

For subscribers

Container

Liner companies pay soaring sums for charter deals

For subscribers

Offshore

Maersk Supply Service aims to quadruple profits

For subscribers

Chief executibe of Wallenius Wilhlemsen Lasse Kristoffersen, and chief executive of Höegh Autoliners Andreas Enger. | Photo: Wallenius Wilhelmsen and Javad Parsa

Carriers

Norwegian car carriers bag multi-year contracts

For subscribers

Logistics

Packed container ships trigger surge in air freight demand

For subscribers

Record influx of container ships this year will not cause trouble until 2025

The number of container ships is growing at record speed, but will not cause serious overcapacity until 2025, according to Bimco.

For subscribers

Gilbert Walter is new chairman of shipbroker BRS. | Foto: BRS

Shipbroker BRS appoints Gilbert Walter as chairman

While Francois Cadiou steps down from the role he has held for four years, he remains a newbuilding broker in Paris for the company

For subscribers

Spot prices for container freight continue to rise

This marks the 12th consecutive week that spot prices for containerized freight are increasing.

Photo: Hannibal Hanschke/Reuters/Ritzau Scanpix

IMO's fossil fuel ban in the Arctic faces criticism

On July 1, the use and transportation of heavy bunker oil by ships in the Arctic will be banned. A climate organization now accuses the ban of being full of loopholes.

For subscribers

Cosco and CMA CGM expect further pressure on major European ports

French CMA CGM is expanding capacity on the Asia-Europe route to ease peak season congestion over the summer.

For subscribers

”We are very happy with how our new organization is working and we are hearing the same from our customers,” writes Kuehne+Nagel about the reorganization implemented at the company in early spring. | Photo: Daniel Reinhardt/AP/Ritzau Scanpix

Kuehne+Nagel triggers unrest among staff with new management structure

The logistics major may have lost talent and created confusion, according to current and former managers. The company does not share the concerns.

For subscribers

Kuehne+Nagel triggers unrest among staff with new management structure

The logistics major may have lost talent and created confusion, according to current and former managers. The company does not share the concerns.

For subscribers

Container

Multiple arrests as protestors block entrance to Maersk HQ

14 people have been charged with trespassing in connection with a pro-Palestinian demonstration on Esplanaden in Copenhagen.

For subscribers

Offshore

Maersk Supply Service aims to quadruple profits

The shipping company, which Maersk sold in a major deal last year, now guides for operating earnings of USD 150m.

For subscribers

Container

Spot prices for container freight continue to rise

This marks the 12th consecutive week that spot prices for containerized freight are increasing.

Container

Maersk has high hopes for rail freight that sidesteps Russia

The shipping group has stopped sending goods by freight train through Russia and has high hopes for growth on alternative railroad from China to Europe.

For subscribers

Container