Höegh LNG Names Its Ninth FSRU

Norway-based Höegh LNG has named its ninth floating storage and regasification unit (FSRU). The naming ceremony was held at Hyundai Heavy Industries’ shipyard in South Korea.

The new building, Höegh Gannet, is the largest capacity FSRU ever built with 1bcf/d and with a record construction time of 23 months, the company said.

With a length of 294 meters and a width of 46 meters, the FSRU has a capacity of 170,000 cbm. The 81,500 dwt Höegh Gannet is scheduled for delivery in December this year.

In August, Höegh LNG received commitment letters for a USD 177 million debt financing for its ninth FSRU. The loan comprises a 12-year tranche of USD 132 million guaranteed by South Korean export credit agency K-SURE and a five-year non-amortising commercial bank tranche of USD 45 million.

A month later, the company inked a time charter contract with Naturgy Energy Group for FSRU #9. The time charter is expected to commence in December 2018 and has a term of 15 months. Under the contract, FSRU #9 will earn a fixed daily charter rate which is in line with the current medium-term market for DFDE LNG carriers, according to the company.