Höegh LNG Wins FSRU Deal with Cheniere
Norway-based floating LNG giant Höegh LNG has signed a time charter contract for a floating storage and regasification unit (FSRU) Höegh Galleon with Cheniere Marketing International.The time charter commences in September 2019 after the delivery of the unit, Höegh LNG’s tenth, from Samsung Heavy Industries Co., Ltd.The terms of the time charter ensure the Höegh Galleon’s availability to serve the AIE project in Port Kembla, Australia, where Höegh LNG is the FSRU provider on a back-to-back basis. AIE recently announced a contract to supply gas to its foundation customer from 1 January 2021.Under the contract with Cheniere, Höegh Galleon will earn a fixed daily charter rate.Sveinung J.S.
Höegh LNG Takes Delivery of Ninth FSRU
Bermuda-based floating liquefied natural gas (LNG) company Höegh LNG Holdings took delivery of Höegh Gannet, its ninth floating storage and regasification unit (FSRU).Höegh Gannet has regasification capacity of 1 Bcf per day and storage capacity of 170 000 cbm of LNG, combined making it the largest FSRU built by capacity, said a release from the company.The unit has been constructed by Hyundai Heavy Industries in South Korea and is equipped with a reinforced GTT Mark III membrane containment system and dual-fuel diesel-electric (DFDE) propulsion.Höegh Gannet is part of HLNG’s ongoing tender processes for FSRU projects with scheduled start-up in the 2019-21 period.For the interim period between delivery and start-up under a long-term contract it will serve an LNGC charter with Naturgy…
Höegh LNG Secures FSRU Debt Financing
Höegh LNG Holdings Ltd. said it has received commitment letter for a sale and leaseback financing for another floating storage and regasification unit (FSRU) of up to $206 million. FSRU #10 is currently under construction at Samsung Heavy Industries in South Korea, and is scheduled for delivery in the second quarter of 2019.The facility is provided by CCB Financial Leasing Co. Ltd. (CCBFL), a wholly owned subsidiary of China Construction Bank (CCB), and is available to fund 70 percent of the delivered cost of the FSRU…
AG&P, Hindustan to Build a New LNG Import Terminal in India
Atlantic, Gulf and Pacific Company (AG&P) and Hindustan LNG (HLNG) have signed a Memorandum of Understanding (MoU) to supply tolled gas to power stations in the East Godavari region of Andhra Pradesh, India. Under the agreement, AG&P will provide an integrated solution to deliver regasified LNG through a new LNG import terminal that AG&P will also design and build at the port in Andhra Pradesh. AG&P is a leading global integrator of LNG infrastructure solutions including LNG terminals and the supply chains that emanate from them. HLNG is a Hyderabad-based LNG import terminal development company. The MoU was signed at the Partnership Summit 2017 organized by Confederation of Indian Industry (CII), and the signing was graced by Chief Minister Shri N. Chandrababu Naidu.
Hoegh LNG Declares Higher Dividend
Höegh LNG Partners LP announced that its board of directors (the "Board") has declared a quarterly cash distribution with respect to the quarter ended December 31, 2015 of $0.4125 per unit. This represents an increase of $0.075 per unit or approximately 22% from the third quarter 2015 distribution and is related to the acquisition of the FSRU Höegh Gallant. The distribution corresponds to an annualized distribution of $1.65 per unit. The cash distribution will be paid on February 15, 2016 to all unitholders of record as of the close of the business on February 5, 2016. The annual yield on the dividend is 12 percent. Höegh LNG Partners LP is a growth-oriented limited partnership formed by Höegh LNG Holdings Ltd. (Oslo Børs ticker:HLNG), a leading floating LNG service provider.
Höegh LNG - LNG Libra sold
Höegh LNG Holdings Ltd. has sold the LNG carrier LNG Libra (built 1979) to a Chinese energy company for around USD 20 million. The Company has received 15% of the purchase price and will receive the remaining 85% by the end of the first quarter 2016, after the vessel has completed her current charter with Gas Natural. Höegh LNG's President and Chief Executive Officer, Sveinung J. S. Støhle, said in a comment: "LNG Libra was acquired to meet the bid conditions for a specific FSRU project as a conversion candidate, however, we succeeded in placing one of our newbuild FSRUs instead.
Hoegh LNG's Bond Issue
Hoegh LNG (HLNG) has successfully completed the issuance of a USD 130 million senior unsecured bond in the Nordic bond market with maturity date expected to be 5 June 2020. The bond issue will be swapped from floating to fixed interest rate. The bond issue was oversubscribed. The net proceeds from the bond issue shall be used for general corporate purposes. An application will be made for the bonds to be listed on Oslo Børs. Danske Bank Markets, DNB Markets, Nordea Markets, Pareto Securites and Swedbank Norway have acted as Joint Lead Managers for the bond issue. The company said yesterday it had signed a 20-year floating storage and regasification unit (FSRU) contract in Chile, with EBITDA value of USD36 million per year.
Höegh LNG - Takes delivery of the FSRU "Independence"
Höegh LNG has taken delivery of the "Independence", the second of the four newbuilt FSRUs that the Company has ordered from Hyundai Heavy Industries Ltd (HHI), on May 12. The "Independence" is under a long term charter to Klaipedos Nafta in Lithuania, which will commence no later than by the end of the year. In the interim, the Company will deploy the unit in the short term LNG market. Sveinung J.S. Støhle, President and CEO of HLNG, stated: "We are proud to have reached this significant milestone together with Klaipedos Nafta and HHI and expanded our current fleet of FSRUs to four vessels. The "Independence" represents the most advanced and efficient FSRU in the market, and plays a key role in giving Lithuania the energy infrastructure necessary to diversify its sources of natural gas".
