LNG Vessel Owners Form First Ship Pool as Spot Trade Expands

(Bloomberg) by Anna Shiryaevskaya – Dynagas Ltd., GasLog Ltd. and Golar LNG Ltd. agreed to jointly market their liquefied natural gas tankers for spot charters as trading of flexible cargoes widens. The Cool Pool, the first-ever LNG carrier pool, will open in September with 14 ships, the companies said Tuesday in a joint statement. It will include accords for 12 months or less. LNG spot trading is expanding as new Australian supply adds to output and the U.S. prepares to start exporting the fuel from its Gulf Coast this year. New importers including Egypt are driving demand as buyers under long-term deals such as Japan and South Korea curb purchases amid lower usage. Spot fixtures in the LNG shipping market rose to 97 this year through the middle of August from 78 a year earlier, according to GasLog, which owns 19 carriers.  “I have been involved in pools in the chemical industry,” Paul Wogan, the company’s London-based chief executive officer, said in a telephone interview. “It is a great way to get a critical mass to serve the customer well and keep down costs for ourselves.” The pool allows the shipowners to optimize the vessels’ operation through improved scheduling ability, cost … continue reading

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