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Hoegh LNG Obtains Exclusive Rights to Negotiate on Two FSRU Projects
= Also stays in final screening on another Two projects =
Norway-based shipping company Hoegh LNG has got exclusive negotiation rights on two offshore LNG receiving projects. The Company is joining tenders to secure its floating storage and regasification units' employment, and has also survived to the final screening stage on another two FRSU projects.

This was announced in its quarterly report on 29th local time. Through the tenders, it aims to use its four FSRUs, their long-term employment is yet to be decided, as LNG receiving bases for these projects all to be launched between 2020 and 2021.

The Norwegian shipper is now operating eight FSRUs, of which two are under short-term charter by around 2021, but their destinations after that are still unclear. Its eighth FSRU "Hoegh Esperanza" has recently started operation as an LNG receiving base at the Port of Tianjin in China, but the charter deal expires in 2021 at the earliest.

The seventh "Hoegh Giant" is working as an LNG carrier, not as an FSRU, and "Hoegh Gallant," for which the charter deal with Egypt's EGAS has been cancelled suddenly, is also under short-term charter by Clearlake Shipping, a subsidiary of Gunvor.

The ninth "Hoegh Gannet" to be completed this December will be used by Naturgy mainly for LNG delivery over 15 months. The tenth FSRU to be constructed in Q2 2019 is also expected to be spot-chartered as an LNG carrier.

The Company has inked charter deals and had planned to employ these newbuildings to FSRU projects in Pakistan, Ghana etc., but these deals have been cancelled because of project delays, and Hoegh was forced to use them under short-term charter.
last modified : Fri 07 Dec, 2018 [11:10]
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