MOL, Gaz-System seal Gdansk FSRU charter deal

Japan’s shipping giant MOL has signed a long-term FSRU charter deal with Poland’s Gaz-System for the planned LNG import terminal in Gdansk. MOL also confirmed that HD Hyundai Heavy will build the FSRU.

MOL and Gaz-System announced the signing of the charter agreements in separate statements issued on Thursday.

According to Gaz-System, the deal with MOL’s unit White Eagle Energy is for 15 years with the possibility of further extension.

Based on the charter agreement, Gaz-System also has the right to purchase the FSRU, it said.

In February, Gaz-System selected MOL as the preferred shipowner to time charter out the FSRU.

This is Poland’s first FSRU and will add to the onshore Swinoujscie LNG terminal.

Poland’s Orlen previously booked entire 6.1 bcm per year of regasification capacity at Gaz-System’s planned FSRU-based LNG import facility.

Orlen is already in charge for all of the supplies coming to Gaz System’s LNG import terminal in Swinoujscie, Poland’s first such facility, via PGNiG.

The FSRU is assumed to be berthed at a mooring platform about 3km from the shore, in the area of the Port of Gdansk between the mouths of the Vistula River branches: Smiala and Martwa.

Besides the FSRU, the project includes a jetty, offshore and onshore pipelines, and other infrastructure.

Gaz-System previously said commissioning of the complete project, backed by the EU, is planned in 2027/2028.

Hyundai Heavy to build FSRU

MOL said in a separate statement that HD Hyundai Heavy will build the FSRU and deliver it in 2027.

The firm said that the unit will have a capacity of 170,000 cbm.

It will be 294 meters long and 46 meters wide.

Last month, MOL declined to comment when contacted by LNG Prime whether it was the owner behind an order for one FSRU at Hyundai Heavy.

Hyundai Heavy’s parent KSOE said on March 6 that the shipbuilder won an order from an owner in Europe.

The contract has a price tag of 483.9 billion won or about $364 million, and Hyundai Heavy will deliver the FSRU by July 2027.

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

Prior to this order, US LNG firm Excelerate Energy booked a newbuild FSRU at Hyundai Heavy in October 2022 and this deal is worth about $332 million.

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