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LNG tanker bound for Papua New Guinea diverts to Singapore

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LNG Industry,

Reuters are reporting that a LNG tanker bound for Papua New Guinea from Taiwan has diverted to Singapore, following a powerful earthquake a week ago that has halted LNG supply from the country.

A second LNG tanker, which left Japan last month for Port Moresby, has also flagged it is now looking for a cargo, while a third remains in Papua New Guinea’s Kumul Marine Terminal zone after arriving on 24 February.

The destination change reflects the disruption from the 26 February quake, with PNG LNG project operator ExxonMobil saying on 5 March it would take about eight weeks to restore production, while Asian LNG spot prices have risen.

The Gigira Leiteboj, which left Yung An, Taiwan on 26 February for arrival in Papua New Guinea on 6 March, changed its destination to Singapore on 3 March. The Yung-An LNG terminal in Taiwan’s Kaohsiung county is operated by CPC Corp, a long-term buyers of PNG LNG.

The Pacific Arcadia, an LNG tanker which left Japan’s Sodeshi LNG terminal on 21 February, changed its status to “for orders” on 2 March.

The Velikiy Novgorod is still in Papua New Guinea after arriving on 24 February from China’s Qingdao LNG terminal in Shandong. The Qingdao LNG terminal is owned by Sinopec, also a long-term buyer of PNG LNG.

Taiwan’s CPC last week purchased a spot LNG cargo for delivery in April at higher than market rates. The company is also in the spot market to buy a cargo for first half of May.

PNG LNG’s other long-term buyers include Japan’s Osaka Gas and JERA, which is a fuel joint venture between Tokyo Electric Power and Chubu Electric Power.

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