| Dennis, the more I investigated and considered, the more convinced I became of the importance of having comprehensive interests across the entire LNG value chain. All of which eventually convinced me recently to switch my play from GLNG to BRG. The big LNG deals recently announced for Egypt, Qatar, Australia and Nigeria appear NOT to involve GLNG as transporter. Rather, as announced, the entities involved are having their own fleets of ships custom built. Thus, I believe that the spot market for LNG, while growing, will always remain a niche, but not become the mainstream, which will continue to be dominated by ad-hoc fleets operating under dedicated long-term contracts formulated directly between provider and consumer. Thus, the role of the independent middle-man as shipper will be much less important for LNG than is currently true for world oil markets. |
