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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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Revenue up 29% for bunker supplier Skangas as Gasum targets LNG growth

18 Jul 2017 13:24 GMT

CEO says company 'strengthened its position' in H1 by increasing its Skangas stake to 70%.

The CEO of integrated gas company Gasum, Johanna Lamminen, says the firm has "strengthened its position as the leading provider of liquefied natural gas (LNG) in the Nordic countries" with the recent increase in its shareholding in LNG bunker supplier Skangas from 51 percent to 70 percent.

In the Finnish firm's interim report for the first six months of 2017, Lamminen said a key part of the company's strategy was "developing the Nordic gas ecosystem", and observed that "LNG in particular will play an increasingly important role in the Nordic gas market in the future".

For the January-June period, Gasum posted a year-on-year dip in after-tax profit of EUR 4.5 million, or 8.0 percent, to EUR 52.0 million. This was despite a revenue increase of EUR 60.7 million, or 13.6 percent, to EUR 506.0 million.

Gasum said the increase in revenue was largely due to the higher sales price of natural gas compared to the previous year.

Operating profit was EUR 1.8 million, or 2.7 percent, lower at EUR 65.9 millon, whilst profit before tax was down EUR 6.8 million, or 9.7 percent, to EUR 62.3 million.

Revenue for subsidiary Skangas was EUR 98.5 million - up 22.4 million, or 29.4 percent, on last year's figure of EUR 76.1 million.

In the report, Lamminen noted that "the significance of LNG in the Baltic Sea and the Nordic countries is increasing rapidly", with maritime transport being highlighted as one of the key sectors together with heavy-duty road transport and industrial.

The gas firm added that Skangas would "continue to strengthen the position and infrastructure of LNG and the utilization of new gas solutions more extensively in Finland, Sweden and Norway".

Skangas supplies LNG as fuel in shipping and heavy-duty road transport, and in industrial processes outside the gas network. The company's LNG portfolio consists of the purchase of feed gas, LNG liquefaction, and distribution of LNG by trucks and ships through receiving terminals, to customer facilities where LNG is regasified to natural gas or delivered as fuel to end users.

Skangas has a liquefaction plant in Risavika, Norway, in addition to owning and operating LNG terminals in Ora (Norwa), Lysekil (Sweden), and Pori (Finland). Skangas is also a shareholder of the Manga LNG joint venture, which is due to open a new terminal in Tornio, Finland, in 2018.

The company operates the Coral Energy, which is the world's first direct-driven, dual-fuel, ice-class 1A LNG carrier.

The other vessel operated by Skangas, the Coralius, is the first LNG bunker vessel to be built in Europe and was recently christened in a ceremony held on May 22. It will be performing ship-to-ship LNG bunker deliveries in the North Sea, the Skagerak area and the Baltic Sea.

Image: Johanna Lamminen - CEO of Gasum.

Related Links:

First Europe-built LNG bunker vessel christened in ceremony
Skangas wins government tender to supply LNG bunkers
Skangas in agreement to supply LNG fuel to Statoil ships
First LNG bunker delivery performed at new Pori terminal

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