Venture Global LNG buying nine newbuild LNG ships

U.S. LNG producer Venture Global LNG is acquiring a fleet of nine LNG-powered vessels, currently under construction in South Korea, to advance the integration of its business across the entire LNG supply chain.

Venture Global LNG announced the acquisition on March 17, saying that the vessels will be delivered starting later this year.

In the new fleet, six vessels will have a cargo capacity of 174,000 cubic meters while the remaining three will have a cargo capacity of 200,000 cubic meters.

Venture Global highlighted that all nine ships will be primarily fueled by the company’s LNG and deploy the best-in-class environmental and efficiency technology.

Specifically, the newbuilds will be propelled by the latest 2-stroke MEGA/MEGI engines which, in combination with the use of the most recent hull forms, shaft generator, and air lubrication systems, result in the highest fuel efficiency and lowest greenhouse gas (GHG) emissions based on currently available LNG carrier technology, the company explained.

Venture Global CEO Mike Sabel said: “Venture Global is pleased to announce our new fleet of world-class, next generation LNG vessels, further strengthening our growing role as a major global energy provider. This investment builds on our recent execution of a long-term terminal use agreement for regasification capacity at Europe’s largest LNG import terminal, further advancing the integration of our business across the entire LNG supply chain; from natural gas transmission, to liquefaction and export, to best-in-class LNG cargo ships and regasification capacity.”

To remind, the U.S. company signed a binding long-term terminal use agreement with UK National Grid Grain LNG, gaining access to the Isle of Grain LNG receiving terminal for 16 years beginning in 2029.

“This will be complementary to our core business as a supplier to long-term customers while also enabling optimization and optionality by allowing for the transport of LNG directly to the customer’s point of need. We are sending a strong signal to the global market of our long-term commitment to meeting the world’s growing energy demand at a large scale, bolstering the security of our customers and allies by providing them with clean, affordable, and reliable U.S. LNG as efficiently as possible,” Sabel concluded.

Venture Global started producing LNG at its first facility, Calcasieu Pass, in January 2022. The second facility, Plaquemines LNG, is under construction and expected to produce its first LNG in 2024.

The company’s third facility, CP2 LNG, received a positive final environmental impact statement (FEIS) from the Federal Energy Regulatory Commission (FERC) in July 2023.