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A very positive first four months despite COVID-19

05/06/20

The first four months of the year have been very positive for the Dunkerque LNG terminal, which is continuing its development with the launch of new services despite the COVID-19 situation. Cédric Vandenbroucke, Sales Director, explains.

"The Dunkirk LNG terminal was very active over the first four months of 2020. The re-gasification rate reached an average of 40%, with a figure close to 60% for April. We have ramped up operations over the months. Almost all our client slots were filled during April. Comparing the first four months of 2020 to the same period in 2019, we have almost managed to keep our level of business in a restricted period including the COVID-19 epidemic. Nevertheless, this crisis is generating major market variations. Energy consumption fell sharply with a significant reduction in industrial production worldwide and the resulting negative impact on energy prices. For example, the price of gas on European hubs was around 5 to 6 euros per megawatt hour during April. These figures are below the marginal liquefaction costs. Consequently, a reduction in the number of LNG cargoes is expected following planned cancellations in the United States and Qatar in the coming months. This may affect the number of cargoes docking in Europe.

Call for tenders for new prospects

The Dunkirk LNG terminal will have to adapt to this new situation. We are not afraid of adapting to this! At the beginning of the year, we launched a call for tenders allowing new potential clients to book existing re-gasification capacity (3.5 bcm) from 2021. About twenty prospective clients have reached the first phase of the tender procedure. We are holding in-depth discussions with nine of them, which should be finalised in mid-July. This call for tenders is already very positive, because it has given us the opportunity to increase the visibility of Dunkerque LNG and its services among potential clients with which we will be able to work on long-term or short-term sales.

The tanker lorry filling station has 2,000 available slots

We are obviously continuing work on our development by offering new small-scale LNG services. Although the delay in delivery of the vessel "Honfleur" to Brittany Ferries is affecting the start of commercial operations with Total Marine Fuels, on 1st June we announced that we were starting to market of the tanker lorry filling station. This commercial commissioning will enable us to expand our client base through the sale of almost 2,000 vacant slots.

A suitable jetty… or two jetties?

We are also continuing our project to develop the jetty to accommodate small supply vessels and, if interest is confirmed by long-term contracts, we would even consider building a second jetty by 2024/2025.

Thanks to all these projects, Dunkerque LNG is strengthening its international position and will attract new clients. It is also important to note that our management of the COVID-19 health crisis and the stability and flexibility of our operations demonstrate our ability to satisfy our clients, including in periods of disruption."

Article présenté sur la lettre d'information : Juin 2020

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