Gas Natural Begins Hoegh Giant Charter

Norway-based shipowner Hoegh LNG Holdings said February 7 that the FSRU Hoegh Giant commenced its time charter contract on the same day with Gas Natural.

As previously announced, the initial term of the contract is three years and includes the option for Gas Natural (GN) to use the unit as an FSRU (floating storage and regasification unit, or floating LNG import terminal) at a pre-defined day rate  for a pre-defined term.

Until FSRU employment is established, the unit will trade in GN's fleet, earning a LNG carrier spot-market-linked day rate. Hoegh Giant will transit the Panama Canal destined for Sabine Pass in the US, where it will load its first cargo under the GN contract.

For the additional 6 FSRUs and 2 ordinary LNG carriers in its operating fleet, Hoegh LNG is pleased to confirm that all units continue to operate in accordance with their long term contracts.

Hoegh Giant (pictured above) had been earmarked to enter service in Ghana mid-2018, but that project has been deferred, so it was announced last year that GN would charter it instead for 3 years from early 2018, but with Hoegh retaining the option of providing GN with an alternative FSRU.