Russia’s First Ice-Class LNG Carrier Enters Sea Trials, Data Shows

A concrete gravity-based structure (GBS) of Arctic LNG 2 joint venture is seen under construction in a dry dock of the LNG Construction center near the settlement of Belokamenka, Murmansk region, Russia July 26, 2022. (Reuters)
A concrete gravity-based structure (GBS) of Arctic LNG 2 joint venture is seen under construction in a dry dock of the LNG Construction center near the settlement of Belokamenka, Murmansk region, Russia July 26, 2022. (Reuters)
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Russia’s First Ice-Class LNG Carrier Enters Sea Trials, Data Shows

A concrete gravity-based structure (GBS) of Arctic LNG 2 joint venture is seen under construction in a dry dock of the LNG Construction center near the settlement of Belokamenka, Murmansk region, Russia July 26, 2022. (Reuters)
A concrete gravity-based structure (GBS) of Arctic LNG 2 joint venture is seen under construction in a dry dock of the LNG Construction center near the settlement of Belokamenka, Murmansk region, Russia July 26, 2022. (Reuters)

The first Russian-built ice-class liquefied natural gas (LNG) carrier has entered sea trials, LSEG data showed on Friday, as part of Russia's efforts to raise global LNG market share despite US sanctions.

The tanker, named Alexey Kosygin after a Soviet statesman, was built at the Zvezda shipyard and is due to join the fleet of vessels for Russia's new Arctic LNG 2 plant, which has been delayed because of the US sanctions over the conflict in Ukraine.

The US Treasury has also placed sanctions on the new vessel, which Russia's leading tanker group Sovcomflot ordered to be built at Zvezda, Russia's most advanced shipbuilding yard. LSEG ship-tracking data shows it is anchored near the Pacific port of Vladivostok.

Sovcomflot has not replied to a request for comment.

Novatek, which owns 60% of Arctic LNG 2, has said 15 Arc7 ice-class tankers that are able to cut through two meter (6.5 ft) thick ice to transport LNG from Arctic projects, will be built at Zvezda shipyard.

According to a source familiar with the matter, Novatek shut down commercial operations at the first and only operational train of its Arctic LNG 2 project in October with no plans to restart it during winter.

Ice-class tankers usually have double hulls - strengthened structures to withstand the pressure of ice - and reinforced propellers.

So far, only three suitable gas tankers have been built for Arctic LNG 2, according to public information: the Alexey Kosygin, Pyotr Stolypin and Sergei Witte vessels.

Six more Arc7 tankers were due to be built by Hanwha Ocean, formerly Daewoo Shipbuilding & Marine Engineering, including three for Sovcomflot and three for Japan's Mitsui O.S.K. Lines.

However, the three tankers ordered by Sovcomflot were cancelled due to the sanctions against Russia, Hanwha said last year in regulatory filings.



Türkiye's Erdogan Expects More Interest Rate Cuts in 2025

Turkish President Recep Tayyip Erdogan speaks during a plenary session at the COP29 UN Climate Summit, Nov. 12, 2024, in Baku, Azerbaijan. (AP)
Turkish President Recep Tayyip Erdogan speaks during a plenary session at the COP29 UN Climate Summit, Nov. 12, 2024, in Baku, Azerbaijan. (AP)
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Türkiye's Erdogan Expects More Interest Rate Cuts in 2025

Turkish President Recep Tayyip Erdogan speaks during a plenary session at the COP29 UN Climate Summit, Nov. 12, 2024, in Baku, Azerbaijan. (AP)
Turkish President Recep Tayyip Erdogan speaks during a plenary session at the COP29 UN Climate Summit, Nov. 12, 2024, in Baku, Azerbaijan. (AP)

Türkiye's President Recep Tayyip Erdogan said on Saturday that there would be more interest rate cuts in 2025 after the central bank cut its key rate by 250 basis points to 47.5% this week.

The Turkish central bank trimmed the one-week repo rate after an 18-month tightening effort that reversed years of unorthodox economic policies and easy money championed by Erdogan, who has since changed tack to back the program.

"Priority in our economy program is to lower the inflation... We will hopefully reduce inflation to the required level by using other tools at our disposal in addition to the monetary policy," Erdogan told members of his AK Party (AKP) in northwestern city of Bursa.

"We will definitely start lowering the interest rates. 2025 will be the landmark year for this," he said.

"Interest rates will decrease so that inflation will decrease. We will take this step. This is now indispensable for us."

Erdogan, who once described interest rates as his "biggest enemy," said last month that inflation would fall alongside the interest rate.

The central bank earlier announced that it had reduced the number of scheduled policy meetings next year to eight from 12 in 2024.

According to a Reuters poll's median, the central bank is expected to ease rates to about 28.5% by the end of 2025, with forecasts ranging between 25% and 33%.