Excelerate Charters Out Maran Gas FSRU

Excelerate Energy and Maran Gas Maritime have signed a five-year bareboat charter agreement (BBC) for the floating storage regasification unit (FSRU) hull 2477.

During the five-year BBC Excelerate will have the option to purchase Hull 2477. MGM is currently building Hull 2477 at Daewoo Shipbuilding and Marine Engineering (DSME) shipyard and is scheduled for delivery in April 2020, when the BBC will start.

The vessel will have a storage capacity of 173,400 m3 and will be capable of operating as both an FSRU and a fully tradable LNG carrier.

Hull 2477 will join Excelerate's existing fleet of nine FSRUs, all built by DSME, and will serve Excelerate's portfolio of regasification customers. Excelerate Technical Management, a wholly-owned subsidiary of Excelerate, will provide ship management for the vessel.

Excelerate's owner George B. Kaiser stated, "We are pleased for Excelerate to enter into this transaction with MGM, a leading provider in LNG world shipping. MGM's growing fleet is a testament to John Angelicoussis' vision and commitment to the LNG industry."

MGM's owner John Angelicoussis stated, "We believe this transaction leverages the strengths of both our companies. Excelerate are market leaders in the FSRU space and we are delighted to have this opportunity to collaborate thereby securing a productive future for this state-of-the-art FSRU."

Angelicoussis and Excelerate Managing Director and President Steven Kobos were present for the signing of the agreement.