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Bank of America Merrill Lynch Commodities signs small-scale Baltics deal

20 Jun 2013 18:34:00 | esgm

Bank of America Merrill Lynch Commodities has signed a multi-year supply agreement to deliver LNG to Scandinavian and Baltic companies from 2014, the company confirmed to ICIS.

Bank of America Merrill Lynch Commodities has chartered a small-scale vessel with a capacity of between 6,000-15,000 cubic metres (cbm), which would be fully utilised under the terms of the contract, ICIS understands.

Bank of America Merrill Lynch Commodities did not disclose the contract terms or end customers. A number of small-scale terminals have been slated to begin operations in the region over the next three years including grid operator Swedegas and Dutch tank provider Vopak’s 0.5bcm/year Gothenburg terminal in western Sweden, provider of LNG as marine fuel Bomin Linde LNG’s Hamburg facility in Germany, and Vopak’s and Elering’s Tallinn terminal in Estonia.

The deal would see the investment bank become the first non-Scandinavian company to deliver LNG to the Baltic for use in the industrial, trucking and marine transportation sector.

The bank has supplied more than 2 billion cubic metres of LNG to Britain’s Isle of Grain terminal over the past two years and commissioned the Netherlands’ Gate LNG terminal in 2011 with three LNG cargoes and downstream send-out commercial management.

The Dutch terminal will offer a reloading service from September, which would allow the loading of small-scale vessels with a minimum capacity of 6,000cbm. This would in turn allow companies to deliver standard LNG cargoes before “bulk-breaking” onto smaller vessels, for redelivery around the wider region.

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