Edison announces that it has signed a contract with shipowner Knutsen OAS Shipping for the long-term charter of a new 174,000 cubic meter vessel for the transport of liquefied natural gas (LNG). The contract was signed at the shipowner’s headquarters in Haugesund, Norway. The newly built carrier will be constructed by Hanwha Ocean at Geoje (Okpo), in South Korea and, according to the terms of the contract, will support Edison’s shipping activities from 2028.
The new vessel will join Edison’s fleet for the management and supply of LNG cargoes under long-term FOB (Free on Board) contracts, a component that is set to grow in the coming years, in line with the Group’s transition strategy. In fact, after being the first to open a stable supply channel from the United States under a 2017 agreement, Edison announced signature of a second contract this year for the purchase of approximately 0.7 MTPA of LNG, equivalent to approximately 1 billion cubic meters per year, starting in 2028 and for a period of up to 15 years from Shell International Trading Middle East Limited FZE.
«We are working to strengthen strategic partnerships with our long-standing suppliers and, at the same time, to increase our international presence in the LNG supply chain with the aim of ensuring diversification and operational flexibility in support of Italian energy security», said Fabio Dubini, Executive Vice President of Gas&Power Portfolio Management&Optimisation at Edison. «The expansion of our fleet, thanks to our valuable collaboration with Knutsen OAS Shipping, will enable us to manage the growing volumes of LNG that will enter our portfolio in the coming years, increasing our ability to promptly adapt supply to the demands of international markets and customers, benefiting the system’s liquidity and competitiveness, as well as the energy transition targets».
The new LNG carrier will be built according to the most advanced technological and sustainability standards. It will be equipped with four latest-generation membrane tanks, featuring a high-efficiency insulation system designed to reduce boil-off (the natural evaporation of LNG inside the tanks) and ensure optimal performance during transport. The vessel will be equipped with a dual-fuel propulsion system (LNG and marine diesel), shaft generators for more efficient use of on-board energy, and a full reliquefaction system, which allows for the complete recovery of boil-off gas, optimising consumption and emissions. The vessel is designed to fully comply with the latest international environmental requirements, including IMO regulations, as well as the new European FuelEU Maritime and EU ETS regulations, allowing it to operate competitively and in perfect alignment with future environmental sustainability standards.
The agreement further consolidates the partnership between Edison and Knutsen and confirms their shared vision for the development of efficient and sustainable energy solutions. The collaboration between the two groups began in 2018 with the construction of a unique 30,000 cubic meter capacity vessel. The Ravenna Knutsen, as the ship is called, is a LNG carrier with extreme operational flexibility used by the Group to supply the Corsini port in Ravenna with a small-scale depot dedicated to sustainable mobility and to refuel (bunkering) other ships with LNG. Its configuration allows it to adapt to different types of storage facilities and vessels, which is why it has also been used to supply coastal regasification terminals during recent energy crises. Today, Edison imports approximately 14 billion cubic meters of natural gas per year into Italy, with import contracts from Qatar (6.4 billion cubic meters), Libya (4.4 billion cubic meters), Algeria (1 billion cubic meters), Azerbaijan (1 billion cubic meters) and the United States (1.4 billion cubic meters), meeting 23% of domestic demand. Source: Edison
