Hoegh LNG bags charter deals with Trafigura and Cheniere

Norway-based Hoegh LNG said Tuesday it secured several charter deals with commodity trader Trafigura and US export player Cheniere.

Under the first deal, Trafigura opted to extend the existing time charter for Hoegh Gannet by 12 months. The FSRU mostly serves in the spot market as an LNG carrier.

In addition, the duo also entered into a new time charter deal for Hoegh Gallant for 12 months from the redelivery from its current charter at the end of March 2021.

Moreover, Hoegh also reached a deal with Cheniere for the extension of the existing time charter for Hoegh Galleon for a period of 12 months. This FSRU also serves as an LNG carrier in the spot market.

Rates “consistent with the market”

The rates for the time charters are “consistent with the term market rates for TFDE LNGCs and modestly above those achieved for Hoegh Gallant and Hoegh Gannet in 2020,” the Norwegian firm said.

The three time charters also include extension options for the charterers which could result in back-to-back employment with potential new FSRU awards, it said.

With these charters, Hoegh says its fleet secured full contract coverage for 2021, but with the exception of Hoegh Esperanza that currently operates as FSRU in Tianjin for CNOOC.

For this vessel, the firm is in discussions with the Chinese firm on an extension from the expiry of the existing contract in June 2021.

The company added it aims to secure an extension that potentially covers the period until Hoegh Esperanza is planned to be employed on a long-term FSRU contract.

Höegh Esperanza should go to work for AGL’s Crib Point FSRU project in Australia, depending on a final investment decision.

“We are off to a very good start for 2021 with these charters in place, taking advantage of the seasonally strong LNGC market to bridge the interim period with solid counterparties,” Hoegh’s chief Sveinung Stohle, said.

- Advertisements -

Most Popular

Delfin plans to take FID on first floating LNG producer in Q2

Delfin Midstream, the developer of a floating LNG export project in the Gulf of Mexico, is expecting to take...

ExxonMobil working on larger Rovuma LNG export project in Mozambique

US energy giant ExxonMobil has boosted the capacity of the planned Rovuma LNG onshore terminal in Mozambique and is...

Mexico Pacific seals another LNG supply deal with Shell

A unit of LNG giant Shell has signed another long-term deal to buy liquefied natural gas from Mexico Pacific,...

More News Like This

Germany’s third FSRU terminal starts delivering gas to grid

The 170,000-cbm FSRU Hoegh Gannet, which serves the Elbehafen LNG import terminal in Germany's Brunsbuettel, has started supplying natural...

Hoegh wraps up purchase of CoolCo’s LNG carrier

FSRU player Hoegh LNG has completed the previously announced deal to purchase the 2013-built LNG carrier Golar Seal from...

Brunsbuettel FSRU wraps up first LPG op

The 170,000-cbm FSRU Hoegh Gannet, which serves the Elbehafen LNG import terminal in Germany's Brunsbuettel, has transferred the first...

Cheniere’s Sabine Pass terminal ships 2000th LNG cargo

Cheniere's giant Sabine Pass LNG terminal in Louisiana has shipped the 2000th cargo of liquefied natural gas since its...