Hoegh Charters 2nd FSRU to Naturgy

Oslo-listed shipowner Hoegh LNG Holdings said September 5 it has signed a 15-month time charter contract with Spain's Naturgy for its ninth floating storage and regas unit (FSRU).

The charter commences in December 2018, immediately after the delivery of the unit and a positioning voyage from the shipbuilder, South Korea's Hyundai Heavy Industries.

It is expected to be used as a standard LNG carrier, rather than for use as an import terminal. Hoegh said it will earn a fixed daily charter rate which is in line with the current medium-term market for dual-fuel diesel electric (DFDE) LNG carriers.

"This charter party will cover the period from delivery of FSRU #9 until [its] planned start-up for prospective FSRU projects," said Hoegh LNG CEO Sveinung Stohle.  Hoegh secured South Korean financing for this ninth FSRU in August; earlier this week it said it had lined up financing from China for its tenth such vessel.

Of its eight existing FSRUs, seven are currently employed as floating LNG import terminals in Colombia, Egypt, Lithuania, India, Indonesia, Turkey, and China (the latter usually winter-only), while Hoegh Giant began a three-year time charter as an LNG carrier to Naturgy (formerly Gas Natural) in February 2018.

"We are pleased to further develop our strong relationship with Naturgy, a highly reputable and ambitious LNG portfolio player and a long-time business partner of Hoegh LNG," added Stohle.

Hoegh Giant (pictured above, courtesy of Hoegh) was originally scheduled to have been chartered out to a different company for use as an LNG import terminal in Ghana.