Gold Coast waterfront villa offers the very best of luxury living

first_img2/27 Verdichio Ave, Mermaid Waters.YOU can’t miss the views from this newly built Mermaid Waters villa, even if you are sitting in the bathtub.Large floor-to-ceiling windows in the bathroom allow you to soak up the Surfers Paradise skyline at the same time.But that’s not the only spot to capture the amazing scenery.A private rooftop area has stone and timber finishes and a north-facing aspect across Surfers Paradise. 2/27 Verdichio Ave, Mermaid Waters.More from news02:37International architect Desmond Brooks selling luxury beach villa15 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag2 days agoThe three-level villa has 480sq m of space, including five bedrooms and three bathrooms.Inside the villa are three-metre high ceilings. The kitchen has a stone island bench and butler’s pantry. The dining room leads through sliding cavity doors to an outdoor dining area, which includes a built-in barbecue. There is an infinity edge swimming pool and the property has a private sandy beach. On the third level of the home, as well as the rooftop terrace, is a living room and powder room. 2/27 Verdichio Ave, Mermaid Waters. 2/27 Verdichio Ave, Mermaid Waters. 2/27 Verdichio Ave, Mermaid Waters.The main bedroom has a walk-in wardrobe with custom-built cabinetry and sensor lights. There is also an ensuite with a dual shower and freestanding bathtub. It also has a balcony. Three other bedrooms are serviced by a three-way bathroom, while a fifth bedroom is on the ground floor of the home and has an ensuite and built-in wardrobe.It is listed on the market with a price of $1.789 million.last_img read more

Bostik Boys shares their tips for sprucing up your pad for sale

first_img ***REPAIR AND REFRESH This is what a 7 year home renovation project looks like Nothing puts people off more than a house or apartment that looks tired. Start by washing your walls and skirting boards with sugar soap. Then decide if a coat of paint is required, and if so, whether to paint the entire property or focus on particular areas. MORE NEWS: Brisbane’s worst house: So bad, you can’t even go inside to see it ***FINISHING TOUCHES Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 1:11Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -1:11 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD540p540p360p360p270p270pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreen5 tips to style your home for sale01:12The weather is warming up and for sellers that means it is time to spring in to action and get their property ready for sale.To help sellers, the Bostik Boys, two tradies Adrian Franchina and Mark Menegatti, share their tips on how to make a property stand out during the all important spring selling season. MORE THAN ELBOW GREASE: This house at 47 Birch St, Marsden, was dubbed the worst in Brisbane, and sold as is.Declutter your home and be ruthless. Take a good hard look and get rid of anything that isn’t absolutely necessary. An uncluttered house feels bigger and more relaxing to live in. Decluttering can add thousands to the value of your property. Fix anything that is broken or damaged. Leaking taps or shower heads must be repaired. Ensure all light globes work. Cracks in walls should be sealed. Cracked tiles need to be replaced. Cracked windows – even cracked shower screens – should be replaced. Basically, anything that looks like it will be a bit of effort to fix should be done before you list. It’s all about removing potential hurdles for buyers. Take the time to fix up your garden. Rake leaves, trim bushes and hedges and consider planting some jasmine for an extra hint of happiness. ***CLEAN, CLEAN AND CLEAN SOME MORE ***DON’T FORGET OUTSIDE Remove your family photos and other items that really link your home to your family. You’re trying to help potential buyers imagine your home as theirs, so remove any obvious obstacles.Think about the time of day your property looks its best. This will depend on the orientation of your home. If your property faces west and gets really hot in the afternoon, plan your opens for the morning. Getting a property ready for sale is a lot of work but it’s generally a case of short-term pain for long-term gain. Put in the effort before listing and you’ll be more likely to get a much better result during your campaign. Like a ninja!More from newsParks and wildlife the new lust-haves post coronavirus11 hours agoNoosa’s best beachfront penthouse is about to hit the market11 hours agoSteam clean your carpets. Blinds and curtains are often overlooked but need to be clean. This can add a whole new level of freshness to a property. If you have pets – or teenagers – you’ll need to deodorise. Every single window in your property will need to be cleaned, inside and out. You’ll be amazed how much brighter your home appears once that layer of grime is gone. We recommend a warm water and white vinegar solution and several sheets of newspaper. One way to make your bathroom appear new again is to re-grout. It can take a bit of effort, but the results can be dazzling and could help potential buyers overlook an aged toilet or basin. If your budget permits employ a professional cleaner to give your property a “vacate clean’’. These people can work wonders and they will see stuff that you won’t even have considered. This landscaped garden at 89 Longman Terrace in Chelmer is en point.Repair any damaged outdoor stairs, decks or railings. If you have the space, invest in making a relaxing and appealing outdoor area. Outdoor furniture and rugs can be bought cheaply on Facebook Marketplace or eBay. Another “room’’ will only add to the appeal of your property. You might groan at the thought of this next one, but don’t forget to clear out your garage and shed. To make it appear even more useful add some bike racks and get those items off the floor. Bostik Boys Mark Menegatti and Adrian Franchina Picture: Supplied And this one is STILL on the market in Townsville Clean every room like a ninja. Give your oven a hardcore clean and clean your fridge and dishwasher too – people will look inside during inspections. Same goes for inside cupboards and wardrobes. Some people will hire stylists to make their properties look their best. It’s often worth the investment, but if you can’t there are a few things you can do to improve your property. Buy a new welcome mat. They get worn and grotty over the years, so invest in a new mat. Wax on, wax off. Ralph Macchio in The Karate Kid. Suppliedlast_img read more

Reno reveal: Not even a pandemic could stop this home renovation

first_img Time taken: 2.5 months RENO FACT CHECK This house at 23 Figgis St, Kedron, has been completely renovated and is now for sale.WHEN Mark Amos and his fiance bought a rundown pre-war home with a vision to transform it into a modern masterpiece, they had no idea a global pandemic was around the corner.Mr Amos couldn’t resist the opportunity to snap up the large block in the sought-after suburb of Kedron in Brisbane’s north after being introduced to it by buyer’s agent Wendy Russell.After inspecting the property, he was able to see past the dire state of the existing 1930s home on the site at 23 Figgis Street.“It needed a lot of work, but I could definitely see the potential because we could split the block,” Mr Amos said.“The house was pretty much in original condition. The bathroom was a very unique colour, but there was nothing wrong with the house structurally.“My saying is; ‘If it’s too easy, everyone would be doing it’. It gets people thinking it can be done.” BEFORE:The kitchen in the house at 23 Figgis St, Kedron, before it was renovated. AFTER: The kitchen after it was renovated.The block was able to be subdivided into two lots — a 330 sqm lot and a 350sqm block at the rear, which was sold separately in December.The existing character home was moved forward and part of the back of the house cut off to fit it into the front block.“One of the challenges was having a small block for the house, which was a concern but I felt that if we made the house look fantastic, it would overshadow the size of the block,” Mr Amos said.“For professional families with one child or two children who have busy lives and want a low-maintenance home close to the city, this is perfect.” BEFORE: The bathroom in the house at 23 Figgis St, Kedron, before it was renovated. AFTER: The main bathroom after it was renovated.Mr Amos employed Brian Retchford of Retchford Build to take on the challenge of renovating and rebuilding the house, which involved raising it and restumping it.Being pre-war, the triple-gabled facade, framing and windows of the house had to be preserved.In keeping with the home’s character, the lower level was designed to match the facade of the existing house on the top level.“We’ve always loved Hamptons-style. There are many Hamptons-style homes in the area and it’s the rage at the moment, so we felt it would attract the majority of buyers,” Mr Amos said. BEFORE: The back of the house at 23 Figgis St, Kedron, before it was renovated. AFTER: The back of the house after it was renovated. AFTER: An outdoor terrace at the back of the house after the renovation.French doors were installed at the entrance of the home on the lower level and an open-plan kitchen, living and dining area created.The kitchen features Westinghouse appliances, stone benchtops and an art-deco pendant light. There was enough room to install an outdoor entertaining space, as well as a separate laundry and powder room.Upstairs, there is a second living space, two bathrooms, a study and four bedrooms — all with built-in wardrobes.The master suite includes a large, walk-in-robe and en-suite bathroom. BEFORE: The front of the house at 23 Figgis St, Kedron, before it was renovated. AFTER: The entrance to the house after it was renovated.A grey and white colour scheme has been used throughout to maintain the Hamptons feel and the high 3.5m ceilings create a feeling of spaciousness. The entire project began in mid-December and was finished by March.“Communication, transparency, trust and the quality of the build are the four things that set a good builder apart from the rest,” Mr Amos said.The only thing that didn’t go to plan was the onset of COVID-19.More from newsCOVID-19 renovation boom: How much Aussies are spending to give their houses a facelift during the pandemic3 days agoWhizzkid buys almost one property a month during COVID-197 days ago“We were completed and ready for sale a week before restrictions came in (in Queensland) and that had a huge impact,” Mr Amos said.“It was really just unfortunate timing, but we had confidence we’d sell it because we knew it was a great house in a good area.” BEFORE: One of the bedrooms in the house at 23 Figgis St, Kedron, before it was renovated. AFTER: One of the bedrooms in the house after it was renovated.Daniel Hooper of One Percent Property, who marketed the home, said it had just sold to a local family.“There are a lot of opportunities to find old homes like this, and I guess people just have to see past the state of the property and see the potential,” Mr Hooper said.“When this family walked in, I knew straight away they were going to buy it.“When you have a property like this, you know someone will walk in and fall in love straight away.”Mr Hooper said the quality of the build made it attractive to buyers, despite the market conditions and the smaller than average block size.“Despite being sold through COVID-19, and one of the toughest markets in recent years, they managed to achieve one of the highest prices for a small block on record, which was a fantastic result,” he said. BEFORE: A living area of the house at 23 Figgis St, Kedron, before it was renovated. AFTER: A living area of the house after it was renovated.center_img Total spend: About $300,000last_img read more

Main river COVID-19 cash splash pushes $80m

first_imgVideo Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 2:37Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -2:37 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels540p540p360p360p270p270pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenSpring selling predictions for 202002:37ALMOST $80 million in prime main river real estate has changed hands on the Gold Coast in the months since the COVID-19 crisis began, with two major sales bumping up the tally this week.An unnamed buyer has signed a contract, believed to be shy of the $8 million mark, on a prime riverfront holding at 1-7 Cannes Ave, Surfers Paradise.1-7 Cannes Ave, Surfers Paradise is under contract for a figure close to $8 million.The deal comes hot on the heels of the $12.5 million paid by a Melbourne couple for 249-255 Monaco Street, Broadbeach Waters which went unconditional on Tuesday.Confidence at the top end of town is at an all time high, with local and interstate buyers lining up to stash their cash in bricks and mortar on the Gold Coast.“We are having our best month in the past seven years,” said Amir Prestige principal Amir Mian, who closed the Cannes Ave deal with Alex and Victoria Fleri.“We’ve done $52 million in sales in the last 10 days alone.”RELATED: Epic beachside penthouse sells for almost $4mSurvey: How COVID-19 has changed homeownersInside record-breaking $12.5m on mega mansionThe 600 sqm residence is the biggest on Cannes Ave.The house design was considered ahead of its time when built in 2000.The enormous 600 sqm house, built in 2000, is the biggest in Cannes Ave with 42.3m of Nerang River frontage on a 1658 sqm block bordered on one side by parklands.Records show the property was sold by Fengliu Wu, who acquired the estate at a cost of $3.888 million in 2012.A rendered impression of Cannes Waterfront Living apartments now under construction.Marketed as having future redevelopment potential, the prime parcel sits just up the road from the Cannes Waterfront Living project where 85 per cent of the 96 units have been sold as construction begins, with price tags ranging from $579,900 to $2.55 million.“There was a lot of interest locally in [1-7] Cannes, as well as from Sydney and Melbourne, because it is a unique property with development potential,” said Mr Mian.The recent sales add to a growing tally of $2 million-plus prestige properties directly fronting the Nerang River which were sold or settled between May and August.249-255 Monaco St, Broadbeach Waters sold for $12.5 million.Earlier this week, the $12.5 million contract on 249-255 Monaco Street established a new main river record, topping the $12.45 million sale of 15 Southern Cross Dr, Cronin Island in June.A grand main river estate bordering the Gold Coast Botanical Gardens at 108 Cabana Boulevard, Benowa Waters was passed in at auction on Wednesday.Two of the six registered bidders are now negotiating on the four-bedroom residence on 1833 sqm which has been listed for offers over $3.15 million.108 Cabana Boulevard, Benowa Waters is listed for offers over $3.15 million.Main river sales over $2m between May-Aug 2020$12.5m 249-255 Monaco Street, Broadbeach Waters$12.45m 15 Southern Cross Drive, Cronin IslandMore from news02:37Gold Coast real estate: Custodian CEO John Fitzgerald urges Australians to buy more property now16 Sep 202002:37How COVID has changed spring buyer wishlists5 Sep 2020$11.75m 1-3 La Scala Court, Isle of CapriCirca $8m 1-7 Cannes Ave, Surfers Paradise$5.7m 327 Monaco Street, Broadbeach Waters$5.5m 113 Commodore Drive, Paradise Waters$4.05m 26 Paradise Place, Surfers Paradise$3.1m 85 Commodore Drive, Paradise Waters$2.885m 92 Amalfi Drive, Isle of Capri$2.88m 72 River Crescent, Broadbeach Waters$2.855m 25 Ipsley Drive, Broadbeach Waters$2.85m 25 Cleland Crescent, Broadbeach Waters$2.475m 27 The Promenade, Isle of Capri$2.02m 100 Amalfi Drive, Isle of Capri*Source realestate.com.au (off-market sales not included)last_img read more

Flood Recovery: $1.2 Billion for Louisiana

first_imgLouisiana Governor John Bel Edwards and U.S. Representaive Garret Graves have announced that the federal government will allocate an additional $1.213 billion in Community Development Block Grant (CDBG) funding for hazard mitigation projects in parishes that were impacted by the 2016 floods. Commenting this, Governor Edwards said: “This new investment from HUD is critically important to our rebuilding efforts. It will allow us to make investments in flood risk reduction and infrastructure projects in areas of our state that were devastated by the 2016 floods, including partnering with the Army Corps of Engineers to make investments in  large-scale projects such as the Comite River Diversion Canal.”“Once we have the full details from the federal government regarding how these funds can be spent, we will work with stakeholders and local governments to determine what projects to fund and outline our plan to HUD. I appreciate the congressional delegation’s continued efforts on our flood recovery, and I am confident these resources will be used to strengthen our communities against future disasters.”Representaive Graves added that “this is one of the largest flood protection, mitigation and resiliency disaster appropriations made to the state of Louisiana in history and brings the sum of federal recovery dollars for Louisiana’s 2016 floods to more than 10 billion, enabling us to advance critical projects that have been stagnant for far too long – projects like Comite, West Shore, Upper Barataria Risk Reduction and Morganza to the Gulf.”“These resources will be used as part of an overall solution for Comite – a solution that will include Army Corps of Engineers funding – but will also give Louisiana flexibility to directly take the lead on implementing and completing projects instead of being held hostage by the bureaucracy of the Corps.”This tranche of federal dollars was appropriated through the Bipartisan Budget Act of 2018, which became law on February 9, 2018last_img read more

MPA Singapore Extends Mandatory Use of MFM System

first_imgThe Maritime and Port Authority of Singapore (MPA) will extend the mandatory use of mass flow metering (MFM) system to all bunker tankers delivering distillates in the Port of Singapore from July 1, 2019.In practice, this means that as of July 1, 2019, all existing distillates bunker tankers supplying to ocean-going ships in the Port of Singapore must be fitted with MPA-approved MFM system.All new bunker tankers applying for the Harbour Craft (Bunker Tanker) licence will be required to be fitted with the MPA-approved system as well.“The industry has given positive feedback on the mandatory use of MFM for marine fuel oil. As the world’s top bunkering port, it is important that we continue to set the highest bunkering standards to ensure fuel quality and reliability and this can be achieved through the use of MFM.“This will also prepare the industry for an expected increase in delivery of distillates with the introduction of a 0.5% global sulphur cap from 1 January 2020 by the International Maritime Organization,”Assistant Chief Executive (Operations) of MPA, Capt M. Segar said at the International Bunker Industry Association (IBIA) Asia Gala Dinner held last night.The use of the MFM system has been launched with the objective of enhancing transparency in the bunkering process, as the use of MFM provides both the bunker buyers and suppliers more specific data on the quantity of bunker delivered.Since 2014, MPA has invested close to SGD 17 million to help the industry adopt the use of the MFM system for delivery of bunker in the Port of Singapore.To defray part of the cost of installing the MFM system, companies may apply for co-funding of up to SGD 60,000 from MPA for each existing bunker tanker delivering distillates in the Port of Singapore. The port authority has set aside SGD 9 million to co-fund this initiative.last_img read more

701 Kg of Cocaine Seized aboard Boxship in Algeria

first_imgAlgerian authorities seized 701 kilograms of cocaine on board a containership berthed at the Port of Oran on May 29.The cocaine was hidden in a container of frozen red meat on board the Liberian-flagged ship Vega Mercury.The vessel was coming from Brazil through the Port of Valencia, Algerian defense ministry said in a statement.Algerian coast guard received information of a suspicious shipment and ordered the vessel entering the country’s territorial waters to moor at the port. After a thorough search operation, the coast guard, in cooperation with police and customs units, discovered and seized the drugs.The inspection of all containers on board the boxship is still ongoing, the ministry added.Built in 2009, the 1,118 TEU Vega Mercury is operated by Germany-based Salamon AG, VesselsValue’s data shows.World Maritime News Stafflast_img read more

US weekly LNG exports rise to six cargoes

first_imgSabine Pass (Image courtesy of Cheniere)The United States exported in total six liquefied natural gas (LNG) cargoes in the week ending August 29.Five of these cargoes departed from Cheniere’s Sabine Pass facility and one from the Dominion Cove Point plant, with a combined LNG-carrying capacity of 22 Bcf, according to the Energy Information Administration.This compares to five LNG vessels with a combined carrying capacity of 18.1 Bcf that departed the US in the week before.One LNG tanker with a capacity of 3.9 Bcf was also loading at the Cove Point terminal on Wednesday, EIA said in its weekly natural gas report.The natural gas feedstock to the two LNG terminals averaged 3.1 Bcf/d during the week under review, compared to 3.3 Bcf/d last week.Henry Hub spot prices fell from $2.99 per million British thermal units (MMBtu) last Wednesday to $2.96/MMBtu on August 29, EIA said.last_img read more

Helge Ingstad’s Crew Members Were Unaware Sola TS Was a Moving Object

first_imgThe crew members of the sunken Norwegian frigate KNM Helge Ingstad seem to have been unaware of the inbound Sola TS tanker before it was too late, preliminary marine accident report from Norway’s Accident Investigation Board (AIS) indicates.The two ships collided on November 8, outside of the Sture terminal in Øygarden Municipality in Hordaland County, Norway. The frigate sustained significant damage and sank several days later.According to the report, when the terminal first became visible from KNM Helge Ingstad, Sola TS was alongside at the terminal and the deck of the tanker was well-lit.Furthermore, the report findings show that at a distance it would be difficult to separate the lights on the tanker from the lights at the terminal. Also, the lights did not move as the tanker was still alongside quay.“It is highly probable that both these factors gave the crew on KNM Helge Ingstad the impression early on that the lights belonged to a stationary object,” the report added.“The tanker’s use of deck lights after departure also meant that the crew on Helge Ingstad were unable to spot the navigation lights on Sola TS. When KNM Helge Ingstad at approximately 04:00 stated that they could not turn to starboard, it was based on a continued perception of the lights as being stationary and that a turn to starboard would send them straight into the lit object. “They also believed that they were communicating with one of the three northbound vessels that they were monitoring on the radar. It was not until just after this that the crew on KNM Helge Ingstad became aware that they were on collision course, at which time it was impossible to avoid a collision.”The collisionBefore the incident took place the frigate was on a southerly course in inshore waters north of Bergen conducting navigational training.Vessel Traffic Service Centre on the island of Fedje (Fedje VTS) was notified that during its southbound voyage the navy ship was sailing at a speed of 17-18 knots. The AIS on board the frigate was set only on the receiver mode.At this time, Maltese-flagged tanker Sola TS was getting ready to depart from the terminal loaded with crude oil. The ship was boarded by a pilot and was assisted out of the terminal by two tugs.Around that time, there were three other northbound vessels in the area south of the Sture terminal, the report said.When Sola TS left the quay, its navigation lights and deck lights were lit.At approximately 03:57 the pilot observed the echo of a southbound vessel on the radar, which would cross his course line, but did not have an AIS signal for the vessel.The pilot called Fedje VTS and asked for the name of the vessel that was heading towards the tanker on the port bow. The VTS answered that they had no information about this vessel.The pilot and captain on Sola TS then tried to contact the vessel in other ways. They flashed the Aldis lamp, and the pilot requested a 10-degree course change to 000° from the captain on Sola TS.Once Fedje VTS  informed Sola TS that the vessel was possibly KNM Helge Ingstad, the pilot called the frigate and requested it to turn to starboard immediately.The frigate’s bridge crew replied that they could not turn to starboard before they had passed the object they saw on their starboard side.Just after 04:00, the frigate was approximately 400 m from Sola TS. As the naval vessel did not change course, both the pilot and Fedje VTS called it requesting the vessel to act. Shortly thereafter, KNM Helge Ingstad carried out an avoidance manoeuvre, but it was too late, and the two vessels collided.The frigate lost control of the rudder and propulsion, drifting uncontrollably towards the shore, where it grounded. As the vessel started taking on water, its crew was evacuated.The AIBN plans to continue its investigations focusing on human factors, collaboration on the bridge, training and procedures, traffic control, language and communication, technology, and technical, operational, organisational and strategic choices.last_img read more

Trafigura boosts LNG volumes by 22 percent

first_imgLNG World news Staff Image courtesy of TrafiguraTrafigura, one of the world’s largest commodities trading firms, said its LNG volumes rose 22 percent in the 2018 financial year, driven by a surge in demand in Asia.The Geneva-based independent company traded 9.85 million tonnes in the financial year that ended September 30, as compared to 8.1 million tonnes a year ago, according to Trafigura’s annual report.This figure was boosted by sales to China and South Korea, with the Asian share of Trafigura’s LNG business jumping to 30 percent, it said.“The LNG book is now satisfactorily diversified by geography, with an important customer base in Europe, Middle East and the Americas as well as Asia, and is supported by our ample access to infrastructure such as storage tanks and timechartered LNG vessels,” Trafigura noted in the report.“This enabled us to take full advantage of the global arbitrage opportunities by rapidly switching LNG cargoes from Europe, say, to Asia in response to market signals,” it said.Looking forward, Trafigura expects LNG demand to continue its upward trajectory over the next year to accommodate the new production from US, Australia and Russia coming online.Trafigura added it is “well positioned” to supply the market, not least by virtue of a series of multi-year offtake agreements signed with LNG producers in 2018.“In particular, the first cargo under our 15-year purchase agreement with Cheniere Energy is due to ship in January, marking the start of a contract amounting to one million metric tonnes per annum,” the trader said.last_img read more