Polaris New Energy was established to meet the growing supply needs for liquefied natural gas (LNG) as a maritime transportation fuel source. Utilizing owned assets, Polaris aims to provide safe and reliable transportation and distribution of LNG throughout the coastal United States.
Polaris New Energy (PNE) owns and operates the 5,500 CBM LNG Articulated Tug & Barge Unit, the “Clean Canaveral/Polaris”, from Jacksonville Florida. The organization also markets the 2,200 CBM LNG Barge the “Clean Jacksonville” which has been servicing Jacksonville for several years. PNE is currently constructing a sister vessel to the Clean Canaveral at Fincantieri Bay Shipbuilding to be delivered by the end of 2023. This construction agreement also comes with options to construct additional vessels and grow PNE’s fleet of LNG bunker vessels. The new vessels will either operate on the East Coast of the United States or in the Gulf of Mexico where we are seeing increasing demand for LNG bunkering.
LNG is a product of the liquefaction of natural gas. A refrigerated cycle transforms natural gas into a liquid by cooling the gas to under -160*C. This transformation into a liquid allows for large quantities of LNG to be stored and transported by trucks and maritime vessels in a much more efficient manner.
Liquified Natural Gas, or “LNG”, is natural gas (predominantly methane) that has been cooled down to liquid form for safe and efficient transportation. Natural gas is cooled to -162˚ C though a refrigeration process. This process transforms the gas into a liquid, reducing its volume to approximately 1/600 of its original size. LNG is an established fuel for the global maritime transportation industry that is becoming heavily adopted in the United States.
Polaris New Energy is committed to responsible operations that ensure the health and safety of its personnel.
Maintaining the health and safety of the environments we operate in is paramount in our training of personnel and selection of equipment and protocols.
A second 5,550 CBM sister barge with a ship dock loading manifold is currently under construction at Fincantieri Bay Shipyard in Sturgeon Bay, Wisconsin. The vessel will be available for service by the end of 2023 and will operate on the East Coast of the United States or in the Gulf of Mexico. The Barge will be coupled with a tug and operate as an Articulated Tug Barge unit certified for Oceans and International voyages.
JAX LNG, a partnership between NorthStar Jacksonville and Pivotal LNG, is in Jacksonville, FL and currently produces 120,000 gallons per day with a storage capacity of 2 million gallons. The plant is currently being expanded to 360,000 gallons per day with a storage capacity of 4 million gallons. The expansion will be completed during 2022. This partnership provides Polaris New Energy with a sufficient supply stream of liquified natural gas.
NorthStar is a diversified logistics company providing flexible crude oil, sand, LNG and refined product logistics services, including storage and transportation solutions, to the North American energy industry. Northstar has assets in North Dakota, Texas, and Florida.
Oaktree is a leader among global investment managers specializing in alternative investments, with $119 billion in assets under management as of March 31, 2019. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in credit, private equity, real assets and listed equities. The firm has over 950 employees and offices in 18 cities worldwide. For additional information, please visit Oaktree’s website at http://www.oaktreecapital.com/.
Clean Marine Energy is an infrastructure development group that designs and capitalizes projects that directly lower emissions in the shipping industry. The path to zero-emissions in shipping is long, but first starts with the transformation of vessel fuel from today’s high emissions, petroleum-based fuels (heavy fuel oil, etc) to cleaner-burning fuels. As shipping continues to follow the path to zero emissions, CME will continue to offer creative financing solutions, leverage innovative technologies, and partner with best-in-class industry partners to realize a more sustainable future. For additional information, please visit Clean Marine Energy’s website at https://www.cleanmarineenergy.com/.
As domestic natural gas continues to rise; LNG has quickly become both a clean and competitively priced fuel alternative. We see increased domestic industries looking to LNG as their future fuel source and we are extremely excited to be on the forefront of LNG domestic marine transportation. The creation of Polaris New Energy, along with the construction of Clean Canaveral, is the first step in Oaktree and NorthStar’s strategy to create a complete platform of LNG logistical solutions for US customers.
It’s an exciting opportunity for Polaris New Energy to be on the leading edge of the increasingly promising marketplace for the distribution of clean burning LNG. Our fleet of LNG barges, with the first one already under construction, will position us to continue our leading position in the distribution of this industry-changing fuel source. And, because our LNG barges are fully supported by long-term contracts with existing customers, yet have significant latent capacity, we stand ready to profit from continued growth in the usage of LNG, especially to maritime customers.
The Polaris New Energy team appreciates the productive working relationship developed among the United States Coast Guard, the American Bureau of Shipping, Waller Marine and Bay Shipyard. We are excited about participating in the safe delivery of LNG, a clean, domestically sourced marine fuel and look forward to expanding our footprint in this area.
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