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FLNG Hilli – Hedged part of TTF linked production for Q1 2022:
Golar is pleased to announce that it has entered into swap arrangements to hedge part of its TTF price exposure for the incremental 0.2 MTPA train 3 production for Q1 2022 at a TTF price of $28/MMBtu. With TTF gas prices averaging $28/MMBtu during Q1 2022, the additional capacity utilization is expected to realize $21.2 million of Net Income to Golar for the quarter. This implies a gross tolling fee of $11.4/MMBtu for the incremental production. For each $1.00/MMBtu change in TTF, Net Income realized by Golar will increase (or decrease) by $0.4 million for unhedged volumes during Q1 2022.
Golar is also realizing increased Net Income from the Brent link component of production from trains 1 and 2. Golar’s realized share of Net Income increases by $2.7m for every $1/bbl that Brent is above $60/bbl. Assuming the current oil price of approximately $83/bbl for 2022, Net Income realized from the oil derivative will be approximately $15.5m for Q1 2022 or $62m for the full year.
Golar has recently secured a 1-year fixed time charter for one of its carriers. This will generate approximately $36.5 million of revenue. The seasonal and cyclical strength of the LNG carrier segment remains encouraging. Increasing price arbitrages between LNG trading basins is driving up LNG freight rates in the short term. Increasing demand for LNG freight together with new environmental regulations impacting effective supply of LNG carriers from 2023 add support to the medium and long-term outlook. Charterers are increasingly looking for longer term charters to secure shipping availability.