Another John Fredriksen controlled company also communicated new orders from Samsung Heavy Industries Co. Ltd on Monday as liquefied natural gas shipping company Golar LNG ltd (OSE: GOL, NASDAQ: GLNG) said it has committed into two firm contracts for LNG carriers. Options for further orders are included in the contracts.
Both new vessels will have a capacity of 160 000cbm and the combined total cost is slightly above 400 million USD. They will have tri-fuel diesel electric engines along with the strategy to allow for lowest rates in the industry. The delivery is expected in 2014-2015.
Golar now has a total of 13 newbuildings and a further 4 options in the pipeline. LNG industry is seen as a fast growth market with possible US exports to come. This should support strong spot market for years to come in Fredriksen’s view.
The company reported Q4 2011 earnings last week. Quarterly revenues were just above 80 million USD with operating income near 34 million and net income around 17.2 million. It said LNG shipping market is tightening with spot prices increasing to 135 000 $ a day by the end of the quarter.
The company hikes quarterly dividend to $0.325 cents per share. Once more since the company is registered in Bermuda, personal income taxation for an equity certificate holder may vary from country to country. Golar also gained three quarter of a per cent in Monday trading.
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