Excelerate to splash about $332 million on FSRU order in South Korea

Excelerate Energy will pay about $332 million for a floating storage and regasification unit (FSRU) it ordered at South Korea’s Hyundai Heavy Industries.

The US floating LNG player said on Tuesday it had signed a binding shipbuilding contract with Hyundai Heavy for one 170,000-cbm FSRU scheduled for delivery in June 2026.

However, the firm did not reveal the price tag of the deal.

HHI’s parent KSOE said in a statement on Wednesday that HHI would build one FSRU for about 475.7 billion won ($332 million), which is a very high price, and deliver it to Excelerate by June 2026.

This price Excelerate would pay for the vessel is probably the highest price to date for a single FSRU of this or similar size.

Prices for 174,000-cbm LNG carrier newbuilds surged during the last year from about $185 million to record highs of up to $250 million.

FSRUs are more expensive as these units have regasification modules and other additional equipment installed onboard.

With this newbuild order, Excelerate will have 11 FSRUs in operation or under construction.

FSRUs are in great demand as European countries look to fast-track LNG imports and slash reliance on Russian pipeline gas.

Excelerate already chartered its 150,900-cbm Exemplar to Finland’s Gasgrid and another vessel to a project led by Germany’s E.ON, Belgium-based Tree Energy Solutions (TES), and a unit of France’s Engie.

In addition, the US firm plans to deploy its FSRU Excelsior to serve the Vlora LNG project in Albania after the unit completes its contract in Israel.

Most Popular

Golar moving forward with new FLNG order

Floating LNG player Golar LNG is moving forward with its plans to order its fourth FLNG conversion. In order to secure "attractive" delivery, Golar plans to enter into slot reservations for long-lead equipment within the third quarter of this year.

AG&P LNG inks offtake MoU for Australian LNG import project

Nebula Energy’s AG&P LNG said it had signed a memorandum of understanding with an Australian integrated energy provider under which the latter may become a significant offtaker of the proposed Outer Harbor LNG terminal in South Australia.

Excelerate working to expand Jamaican LNG business

US FSRU player Excelerate Energy has already made some smaller investments to further optimize its recently acquired LNG business in Jamaica, according to CEO Steven Kobos.

More News Like This

Excelerate working to expand Jamaican LNG business

US FSRU player Excelerate Energy has already made some smaller investments to further optimize its recently acquired LNG business in Jamaica, according to CEO Steven Kobos.

Excelerate says purchased LNG carier set for FSRU conversion

US FSRU player Excelerate Energy confirmed on Monday that its recently purchased LNG carrier Excelerate Shenandoah is the company's first FSRU conversion candidate.

GasLog Partners, Excelerate wrap up $27 million LNG carrier deal

GasLog Partners, a part of Greek LNG shipping firm GasLog, has completed the sale of a 2007-built steam liquefied natural gas carrier to US FSRU player Excelerate Energy.

Excelerate raises 2025 guidance after Jamaica deal

US FSRU player Excelerate Energy raised its full-year 2025 adjusted Ebitda guidance range following the recent acquisition of New Fortress Energy's business in Jamaica.