Golar LNG’s quarterly loss almost $60 million

Golar LNG's quarterly loss almost $60 million

Golar LNG, the owner and operator of liquefied natural gas carriers posted a US$59.9 million loss in the fourth quarter of 2015.

The shipping company revealed in its statement on Monday that shipping of chilled gas in the spot market remained challenging during the fourth quarter.

Golar LNG’s charter revenues fell from $24.3 million in the previous quarter to 20.1 million in the fourth quarter of 2014.

Cool Pool 

The initiation of the Cool Pool on October 1 enabled a 0.9 million voyage costs reduction from 12.4 million in the third quarter to 11.5 million in the fourth quarter 2015, Golar LNG said.

Besides the current 14 vessels in the Cool Pool, two more Golar vessels should join in the future.

GoFLNG Hilli Conversion

The vessel has now left dry dock for the final time, Golar said adding that the installation of pre-assembled topside plant and equipment is well underway. Preparations have also commenced for the installation of the on-site mooring in Cameroon.

Golar LNG has agreed with Keppel to push the starting dates for the conversions of Gimi and Gandria to December 2016.

LNG carrier spot market 

The LNG carrier spot market remains a concern for Golar LNG as the company continues to incur losses, and the depressed level of activity in the shipping market is expected to continue throughout the first quarter of 2016.

Increasing production volumes do however give reason to expect improvement from the second quarter onwards, Golar LNG said.

LNG World News Staff

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Posted on February 29, 2016 with tags .

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