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.

Most Popular

Samsung Heavy wins contract for Eni’s Coral Norte FLNG

South Korean shipbuilder Samsung Heavy has secured a preliminary contract for Eni's second FLNG project in Mozambique, Coral Norte (Coral North), according to shipbuilding sources.

QatarEnergy LNG carrier wraps up trials in China

A 174,000-cubic-meter liquefied natural gas (LNG) carrier, built as part of QatarEnergy's massive shipbuilding program, has completed its trials in China, according to Hudong-Zhonghua.

LNG Canada sends second cargo

Shell-led LNG Canada has shipped the second cargo of liquefied natural gas from its Kitimat facility on the west coast of Canada. LNG Canada shareholder Petronas will deliver this shipment to Japan.

More News Like This

Cheniere’s Corpus Christi expansion project 85.4 percent complete

The Stage 3 expansion project at Cheniere’s Corpus Christi LNG export plant in Texas is 85.4 percent complete.

Cheniere plans to boost LNG export capacity to 100 mtpa

US LNG exporting giant Cheniere plans to boost its export capacity to about 100 mtpa via new expansion projects at its Sabine Pass and Corpus Christi LNG terminals.

Cheniere takes FID on two more Corpus Christi LNG trains

US LNG exporting giant Cheniere has made a positive final investment decision to build two more midscale trains at its Corpus Christi LNG plant in Texas. The company has also issued full notice to proceed to Bechtel.

Japan’s Jera seals US LNG supply deals

Japan's power firm and LNG trader Jera has signed 20-year agreements to buy up to 5.5 million tonnes per year of LNG from the United States. The deals include an SPA with Commonwealth LNG and the previously announced SPA with NextDecade, as well as heads of agreements with Sempra Infrastructure and Cheniere.