Chart eyes LNG stations deal with Shell as profit jumps

US LNG equipment maker Chart Industries on Thursday reported a jump in first-quarter profit.

The company reported a net income of $8.5 million in the quarter. This compares to $0.9 million in the corresponding quarter in 2019, and $12.4 million in the previous quarter.

First-quarter 2020 orders of $304.3 million were 34 per cent below the first quarter of 2019 levels.  As a reminder, the first quarter of 2019 included the Venture Global Calcasieu Pass order ($135 million), Golar’s floating LNG Gimi project ($20 million), and Niche LNG’s small-scale LNG work ($7 million).

Chart’s Distribution and Storage Eastern Hemisphere booked 14 LNG fueling stations, which is the same level as the first quarter of 2019 and on par with the average per quarter throughout 2019.

Additionally, in April Chart received a verbal commitment from Shell for the supply of seven LNG fueling stations. The company is currently working toward a multiyear long-term contract whereby Shell will place the order for up to four stations in the second quarter of 2020 and three more in 2021. The multiyear agreement will allow for the expansion of these quantities with privileged support to Shell’s business plans and strategy for LNG in Europe.

Also in April, Chart booked three other LNG fueling stations month-to-date.