LNG on the Move: Iraq’s First FSRU, Hanwha’s Bold STS, and U.S. Export Records

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Welcome back to LNG4U — your trusted window into the trends shaping the LNG market.
We start with a sharp insight to keep you ahead 🎓, then dive into the updates that matter most — from price shifts 💰 to offshore developments 🚢.
Let’s dive in.

🎓 LNGKnowledge

Why the LNG cargo tanks are inerted before aerated ?

The Inerting is necessary to prevent the risk of having an Air/Hydrocarbon vapor mixture 🚨 in the flammable range.

The operation continues until the HC content is reduced to less than 1️⃣.5️⃣ % Vol. It can take about 2️⃣0️⃣ hours to complete the process.

In addition to the cargo tanks, all cargo pipe work, associated fittings, compressor house machinery and fuel gas supply lines must also be freed of gas 📉.

Fittings and lines are usually filled with IG or N2 while the plant supplies IG to gas free the cargo tanks.

Source : liquefiedgascarrier

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💰 LNGPrices

Freight rates / 174,000 m3 / 2 Stroke

Atlantic - (Spark30S)	$ 22,750 / day
Pacific - (Spark25S)	$ 24,500 / day

Natural Gas

Asia (JKM) - Nov 25	$ 11.024 / mmBtu
Europe (NWM) - Nov 25	$ 10.700 / mmBtu

Bunkers

$/MT	LNG	VLSFO	MGO
Singapore	677.24	481.00	677.00
Rotterdam	703.97	441.50	668.50

🏭 LNGTerminals

Vopak has entered into an exclusive agreement with shipping firm Seapeak 🤝 to provide a floating and regasification unit for its liquefied natural gas import terminal project in Australia 🚢.

Vopak's Victorian energy terminal is one of four proposed across Australia's southeastern states to meet domestic gas needs 🔥, as regulators warn there could be shortages as soon as 2027.

This step places the terminal in a strong position to provide energy certainty for Victoria from 2029 🏭.

Source: Seapeak

U.S. LNG exports hit a record in September at 9.4 million metric tons 💧, beating their previous record of 9.3 million MT in August

The increase was fueled by strong sales to Europe and Asia, and came despite unplanned shutdowns 🏭.

Europe remains the favored destination for U.S. LNG exports, taking two-thirds of the total at 6.22 million MT. LNG exports to Asia, meanwhile, stood at 1.63 million MT 💧 or just over 17% of the total.

The U.S. is the world’s largest LNG exporter 🥇 and the level of its exports can influence global markets.

Source: Cheniere

Russia’s sanctioned Arctic LNG 2 plant increased gas production to record levels 📈 in September as its cargoes appear to find buyers in China.

NG Natural gas output averaged 17.9 million cubic meters a day during most of September 💭. That’s the highest daily average since the facility was launched in December 2023 and a 14% increase from August levels 📈.

Increased natural gas output likely also meant more production of LNG 💧, as the plant was able to load cargoes and ship them to the Beihai import terminal in China 📍.

Source: SCF Group

🚢 LNGShips

Poland’s ORLEN Group has completed the delivery of a liquefied natural gas (LNG) 💧 shipment to Japan’s Osaka Gas.

Since Japan is one of the world’s largest LNG importers, ORLEN believes the inaugural delivery of LNG to the country will strengthen its position in the global market 📊. The shipment containing 100 million cubic meters of natural gas was transported by LNG carrier Ignacy Jan Paderewski 🚢.

Source: ORLEN

The newest LNG carrier to join Shell’s fleet, the 👉 Zoe Knutsen, was successfully delivered on 15 September 2025 in Geoje, South Korea - marking a significant milestone in their fleet expansion 📈.

The vessel, which is part of Shell’s LNG fleet rejuvenation programme comprising 2️⃣4️⃣ sister ships, was developed by Shell in collaboration with various shipyards and selected Shipping Companies. The focus remained on delivering the next-generation LNGCs that are safer, more efficient with a lower emission profile 🌎.

Source: Shell LNG

Russia’s small-scale LNG carrier and bunkering vessel has made a laden voyage through the full Northern Sea Route (NSR) 🌏 with an eastbound cargo from a sanctioned plant.

The 5,800-cbm Dmitry Mendeleev (built 2021), which is listed as controlled by Gazpromneft Shipping, as having left Russia’s Gazprom-controlled Ust Luga LNG plant 🏭 in the Baltic Sea at the beginning of September.

It is then shown heading out and around the Norwegian coast and making a full transit of the NSR, taking the route to the north of Novaya Zemlya, and emerging into the Bering Sea 🌏.

Source: Keppel O&M

🏗 LNGShipbuilding

Wärtsilä has secured a multi-year lifecycle agreement for 1️⃣4️⃣ liquefied natural gas (LNG) carriers with Hong Kong-based OPearl LNG Ship Management, a joint venture between China Merchant LNG, CNOOC, and NYK, which was created to serve as the ship management arm for all three shareholders 🚢.

This ten-year deal, which is designed to ensure maximum operational reliability by enabling flexibility in maintenance scheduling and optimizing the time between overhauls (TBO) for each vessel 📊, enables Wärtsilä to provide support to 14 LNG carriers.

Source: OPearl

Hanwha Ocean announced a single-vessel contract valued at approximately 💰252M, with delivery scheduled by the second quarter of 2028.

The buyer was identified as a 👉 North American shipowner affiliated with Hanwha Ocean.

Source: Hanwha Ocean

At least ten LNG carrier newbuildings were contracted 🤝 in the third quarter of this year, topping the six ordered in the first six months of 2025.

Celsius Shipping added to its LNG order haul with another two 2️⃣ vessels at Samsung Heavy Industries, after inking the first LNG order of this year with the yard in January.

Source: Celsius Shipping

Hanwha Ocean has successfully completed the world’s first Ship-to-Ship(STS) transfer of liquefied natural gas(LNG) between vessels under sea trials 🥇.

This breakthrough not only reduces environmental impact but also resolves the risk of schedule delays caused by terminal congestion 📉.

Traditionally, LNG carriers conducting gas trials must first load LNG from a terminal and later return the remaining LNG once trials are complete 💧. Now, with this innovation, LNG can be directly transferred to another vessel under trial at sea—significantly improving efficiency and flexibility 💡.

Source: Hanwha Ocean

🤝 LNGContracts

Excelerate Energy has received an award letter from Iraq 🤝 to develop the country’s first floating LNG import terminal.

The award represents a step toward diversifying Iraq’s energy supply 💭, stabilising its national grid and reducing reliance on pipeline gas imports.

The project would see Excelerate lead development of an integrated floating import terminal 🚢 in cooperation with Iraqi authorities.

Source: Excelerate Energy

Italian energy company Eni and its partners have taken a final investment decision 🤝 to move ahead with its $7.2bn Coral Norte floating LNG production project in Mozambique 📍, which will boost the country’s production to over 7 mtpa.

The 3.6-mtpa FLNG unit will monetise gas 💭 from the Area 4 Coral gas reservoir in the Rovuma basin.

The unit will be built at Samsung Heavy Industries in South Korea and is a carbon copy of the 3.6-mtpa Coral-Sul FLNG floater 🚢, which exported its first cargo in November 2022.

Together, the two FLNG units will take Mozambique’s LNG production to over 7 mtpa 💧.

Source: Eni

💧 LNGBunkering

The Spanish Port of Málaga has carried out its first bunkering operation of bio-liquefied natural gas (bio-LNG) 🥇, having supplied MSC Gabon a container vessel owned by Mediterranean Shipping Company (MSC) with this alternative fuel 💧.

The bunkering operation was conducted by the 2021-built 7,500 cubic meter (cbm) small-scale LNG vessel 👉 Avenir Aspiration, which is being chartered by Switzerland-based renewable energy producer Axpo.

The bunker ship reportedly supplied the 260-meter-long MSC Gabon with 3,000 cubic meters of bio-LNG 💧.

Source: Port of Málaga

🔥 LNGAsFuel

AP Moller-Maersk has narrowed down its choice of shipbuilders to two as it accelerates efforts to secure yard slots for up to 1️⃣2️⃣ LNG dual-fuelled newbuildings.

The liner giant has homed in on China’s New Times Shipbuilding and Yangzijiang Shipbuilding 🤝 for its planned order of six firm and a similar-sized clutch of optional 18,000-teu ships.