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Hoegh Lng News

04 Sep 2023

Aker BP, Höegh LNG in Carbon Transport and Storage Services Pact

Credit: Hoegh LNG

Floating LNG solutions provider Höegh LNG and the Norwegian oil and gas firm Aker BP have entered a strategic partnership to develop a "fully comprehensive carbon transport and storage offering for industrial CO2 emitters in Northern Europe.""The agreement combines the companies’ respective strengths, expertise, and technologies to establish a strong value chain for CCS on the Norwegian Continental Shelf that includes gathering, transporting and securely injecting CO2 for permanent storage in subsea reservoirs…

01 Jun 2022

Europe's Dash for Gas & FSRUs Puts Australia's LNG Import Plans at Risk

Illustration - An FSRU - Credit: Karel/AdobeStock

Europe's race to replace Russian gas supply has threatened Australia's plans for five gas import terminals as they compete for key infrastructure, raising the risk of a supply shortfall in Australia's populous southeast in the next two years.France, Germany, and the Netherlands among others will need to import liquefied natural gas (LNG) to replace pipelined gas from Russia, which has been hit by sanctions during the Ukraine conflict.European users are grabbing floating storage and regasification units (FSRUs) needed to convert LNG to gas…

10 May 2022

Gasunie to Charter New Fortress Energy FSRU to Reduce Dutch Reliance on Russian Gas

Illustration only - An FSRU - Credit: Karel/AdobeStock

New Fortress Energy has executed a binding agreement to charter a floating storage and regasification unit (“FSRU”) to Dutch energy network operator Gasunie, in an effort by the Netherlands to reduce Russian gas imports. The chartered FSRU will provide storage capacity of approximately 170,000 m3 of liquefied natural gas with peak regasification capacity of 900 mmscfd. New Fortress Energy's FSRU will work in tandem with a third party’s FSRU to provide up to 8 bcm per year of total regas capacity.

05 May 2022

Germany to Charter Four FSRUs in Push to Cut Reliance on Russian Gas

For illustration only - A Höegh LNG FSRU

The German government on Thursday signed agreements for the charters of four floating storage and regasification units (FSRUs), as it works to become less reliant on Russian gas, as FSRUs will enable it to import LNG from other sources.The agreements were signed for the charters of two FSRUs owned by Oslo-listed firm Hoegh LNG, and two owned by Dynagas. Hoegh LNG FSRUs will be operated by RWE, while Uniper has facilitated the charter of two FSRUs managed by Dynagas Ltd.Höegh LNG said that the detailed FSRU contracts with the German Federal Ministry for Economic Affairs and Climate Action…

23 Dec 2021

Shell Charters Avenir LNG Bunker Vessel

Avenir Allegiance, also built by CIMC SOE, is a sister vessel to Avenir Achievement. (File photO: CIMC SOE)

Avenir LNG announced it has entered into a time charter party (TCP) with Shell for the newbuild 20,000-cubic-meter capacity liquefied natural gas (LNG) bunkering supply vessel Avenir Achievement.Avenir LNG, a joint venture between Stolt-Nielsen, Hoegh LNG and Golar LNG, said the time charter is expected to begin in the first quarter of 2023 and will run for a period of three years with an option to extend up to five years.Avenir Achievement is scheduled to be delivered from Chinese builder Nantong CIMC Sinopacific Offshore & Engineering Co. Ltd (CIMC SOE) in the second quarter of 2022.

09 Jul 2021

Lithuania Seeks Alternative Bids for LNG Import Terminal

Lithuania is seeking alternative bids from providers of floating liquefied natural gas (LNG) terminals to potentially replace its existing import terminal, operator Klaipedos Nafta said on Friday.The Baltic state leases a floating storage and regasification vessel (FSRU) from Norway's Hoegh LNG and has an option to buy it when the lease expires in 2024.The state-controlled Klaipedos Nafta said it had decided to seek alternative bids to make sure that it gets the best terms, and has to make the final decision by the end of 2022.Lithuania has been importing LNG via the current terminal, dubbed Independence, since 2014, thereby ending Russia's Gazprom pipeline gas supply monopoly.The Lithuanian terminal is used to import gas also for its neighboring Baltic states, and a new gas link to neighb

09 Feb 2021

Höegh LNG Nets LNG Carrier Charters with Trafigura, Cheniere

Hoegh Gallant/Credit: Hoegh LNG

Oslo-listed LNG tanker operator Höegh LNG has reached an agreement with Trafigura for an extension of a charter for LNG carrier Hoegh Gannet. It also signed a new interim time charter for Höegh Gallant vessel with the same company.The existing interim LNGC time charter for Höegh Gannet vessel has been extended by 12 months. The contract for Höegh Gallant is also for 12 months from the redelivery from its current charter at end of March 2021.Further, Höegh LNG reached a deal with…

15 Sep 2020

Sovcomflot Targets at Least $500 Million in Moscow IPO

(Photo: Sovcomflot)

Sovcomflot plans to raise at least $500 million in an initial public offering (IPO) on the Moscow Exchange, Russia’s top shipping company said on Tuesday, in a deal that could value it at roughly $10 billion according to sources.The move by the state-controlled firm comes as Russian airline Aeroflot also plans to raise capital in a secondary public offering (SPO).For Aeroflot, the cash is needed to fight the economic fallout from the COVID-19 pandemic.Sovcomflot (SCF) which is raising money to spend on new projects and reduce debt aims to list in early October…

28 Aug 2019

China Bank Supports Hoegh LNG for New FRSU

Hoegh LNG on its first ever sale and leaseback deal with China Construction Bank Financial Leasing (CCBFL) for its tenth Floating Storage Regasification Unit (FSRU), the Hoegh Galleon, which was delivered yesterday (August 27) and has been taken back on charter by Hoegh LNG for twelve years.Following the completion of the transaction, Hoegh LNG is now fully funded with both equity and debt for its current newbuilding program, which will be completed with the delivery of Hoegh Galleon in August 2019.The Hoegh Galleon has been employed on an 18-months interim LNGC time charter with Cheniere before its intended long-term charter with AIE in Australia…

28 Feb 2019

Höegh LNG Doubles Profit

Hoegh LNG, a provider of floating liquefied natural gas (LNG) services under long-term contracts, reported a profit after tax of $ 44.98 million for the quarter and year ended 31 December 2018, compared to $ 19.96 million in the same period in 2017.The floating storage and regasification unit (FSRU) provider which owns and operates a global fleet of 10 floating LNG import terminals, said in a stock exchange annoucement that its total income reached $122 million for the quarter under review, which compares to $82.3 million in the previous quarter.The president and CEO of Höegh LNG Sveinung J.S. Støhle said: "The fourth quarter concluded a very active year for Höegh LNG where we have delivered consistent financial results and made significant commercial progress…

12 Feb 2019

FLNG Market Grows a CAGR of +93%

Global floating liquefied natural gas (FLNG) market is growing at a CAGR of +93% during forecast period 2019-2026 as the demand for natural gas has been rising as it is a preferred fuel in power generation in various industries.According to a report from Research N Reports, the demand comes from mainly for the regions such as North America, Europe, China, Japan, Southeast Asia and India.Natural gas is cleaner, safer, and more cost-effective than other fuels. It has the potential to significantly reduce greenhouse gas (GHG) emissions, it said.Natural gas is consistently being used to substitute high pollutant fuels such as coal and fuel oil in power and industrial sectors in several countries.

21 Dec 2018

FSRU Suppliers Shift from Emerging Markets, Cut Back New Orders

Photo courtesy of Hoegh LNG

Political instability and low credit ratings in emerging economies are putting some shipowners off ordering new floating storage and regasification units (FSRUs), as they shift focus to more mature gas markets.Liquefied natural gas (LNG) demand from emerging markets in Asia, Africa and South America was expected to be boosted by FSRU technologies that are less expensive and time-consuming than onshore import terminals.But a boom in speculative FSRU orders from shipowners led to an oversupply of units this year as import projects across the world were delayed or cancelled…

18 Dec 2018

Lithuania Plans to Buy an FSRU

(Photo: Hoegh LNG)

Lithuania has given the go ahead to state-owned Klaipedos Nafta to purchase a liquefied natural gas (LNG) storage vessel by late 2024, as it shores up energy supplies and reduces its reliance on Russian natural gas.Klaipedos Nafta is currently leasing a floating storage and regasification unit (FSRU), called Independence, from Norway's Hoegh LNG.The use of the vessel has allowed Lithuania to import LNG since 2014, breaking the monopoly Russia's Gazprom had on natural gas supply to the country as well as neighboring Latvia and Estonia."This will keep us able…

03 Dec 2018

Hoegh LNG Partners Appoints New CFO

The floating liquefied natural gas (LNG) company  Höegh LNG Holdings announced that Håvard Furu is appointed as new Chief Financial Officer (CFO) of Höegh LNG AS effective 1 March 2019.The interim CFO, Steffen Føreid, will step down effective 1 March 2019 and will from then continue in his role as Chief Executive Officer and Chief Financial Officer of Höegh LNG Partners LP.Håvard Furu comes from the position as CFO of law firm Wikborg Rein. Before that he was CFO in Western Bulk in the period 2009 to 2017 and was formerly employed by BW Gas as Assistant Director Strategy and Finance.From 1997 until 2005 he held various positions within auditing with PriceWaterhouse Coopers. Mr.

30 Nov 2018

Global LNG Trade Jumps by 7.1%, Says Höegh LNG

The global floating liquefied natural gas (LNG) trade reached 236 million tonnes in the first nine months of 2018, up by 7.1% from the same period of 2017 on a combination of robust Asian demand and new supplies of LNG from Australia and the USA, said Höegh LNG.The provider of LNG transportation and services said that for the full year, LNG trade is expected to reach around 320 million tonnes, up by more than 7% from 2017.Increasing Chinese demand continues to be a key driver for expanding LNG volumes. LNG imports by China were 37.7 million tonnes during the first nine months of 2018, up 46% from the same period in 2017 and pointing towards full-year imports of more than 55 million tonnes."That makes China the world’s secondlargest importer of LNG…

18 Oct 2018

Hoegh Gallant Leaves Egypt, Sets US Destination

(Photo: Hoegh LNG)

Liquefied natural gas (LNG) tanker Hoegh Gallant has left its mooring in Egypt, where it had been used as a floating import terminal since 2015, and set course for the U.S. Sabine Pass production facility, according to Refinitiv Eikon data.Hoegh LNG said earlier this week it agreed an early termination of a contract with Egypt to use Hoegh Gallant as a floating storage and regasification unit (FSRU) and would instead charter the vessel to a third party as a regular LNG carrier.(Reporting by Sabina Zawadzki; editing by Jason Neely)

16 Oct 2018

Hoegh LNG Vessel to Leave Egypt Before Weekend

(Photo: Hoegh LNG)

Egypt's petroleum minister said on Tuesday that a regasification vessel would leave Egypt by the end of the week, a day after Norway's Hoegh LNG said Egypt was to give up one of its two floating liquefied natural gas (LNG) terminals.The minister, Tarek El Molla, told Reuters the other vessel would stay behind as part of the petroleum ministry's strategy to maintain energy supplies for the country.Hoegh said Egypt Natural Gas Holding (EGAS), having decided to end its charter early…

24 Sep 2018

LNG Shipping Rates Spike with No Respite Seen Through 2019

(Photo: Höegh LNG)

The price of shipping liquefied natural gas (LNG) has spiked in September and is likely to remain high next year, buoyed by rising production from new plants and concerns that demand for LNG vessels will outpace supply.The rate for vessels shipping LNG from the Atlantic Basin to Asia has jumped to $90,000 to $95,000 a day this week from $75,000 a day at the end of August, brokers and traders said.Rates, which broadly hovered around $30,000 to $40,000 a day from 2015 to 2017, have risen due to longer distances covered to transport LNG from new terminals in the United States and Arctic Russia…

23 Aug 2018

Hoegh Backs Out of Chile LNG Project but Buoyant on Market

(File photo: Hoegh LNG)

Hoegh LNG said on Thursday it had let agreements lapse in Chile that tied one of its floating liquefied natural gas (LNG) import vessels to a project there because approvals for the initiative were likely to be delayed again.The Norwegian company was due to provide a floating storage and regasification unit (FSRU) to GNL Penco for 20 years under a 2015 deal, with an original start date of the second quarter of 2018, but regulatory permits were slow in coming.Hoegh said it had been "made aware that the planned approval process for the GNL Penco FSRU project is likely to be further delayed…

20 Aug 2018

Hoegh LNG to Supply FLNG Terminal to Australian Import Project

(File photo: Hoegh LNG)

Norway's Hoegh LNG has won a tender to supply a floating LNG import terminal for a consortium aiming to import liquefied natural gas to Australia's east coast from 2020 in a push to boost local supply.Australian Industrial Energy, a consortium that includes Japan's JERA and Marubeni Corp, said on Monday it signed an agreement giving it the right to lease one of Hoegh LNG's floating storage and regasification units (FSRU), to be docked at Port Kembla.The project needs approvals from the state of New South Wales, which is evaluating the proposal on a fast track as "critical state significant inf

18 Jul 2018

For the Global LNG Industry, is the FSRU Honeymoon Over?

(Photo: Höegh LNG)

A giant vessel docked at the port of Moheshkhali in Bangladesh two months ago, propelling the populous but poor nation into the fast-expanding club of liquefied natural gas (LNG) buyers.The Excellence is the latest floating storage and regasification unit (FSRU), a type of carrier that has proliferated since 2015 as many countries switch to a cleaner and increasingly cheaper fuel than oil and coal.But the young FSRU industry has been beset by more project delays than successes in the past 12 months as fluctuating energy prices…

04 Jun 2018

CNOOC Leases Bigger FSRU to Boost LNG Imports

(Photo courtesy of Höegh LNG)

The trading arm of China National Offshore Oil Corp (CNOOC) struck a three-year lease for a bigger floating storage and regasification unit (FSRU) from Hoegh LNG as it seeks to boost imports of liquefied natural gas (LNG).In a statement, shipowner Hoegh LNG said its Esperanza FSRU was contracted to CNOOC Gas & Power Trading and Marketing.The floating liquefied natural gas (LNG) import terminal will be based in Tianjin as a replacement for Hoegh's GDF Suez Cape Anne FSRU, recently redeployed from China to India.The Esperanza is larger…

14 Feb 2018

Asia's Soaring Gas Demand Beckons New LNG Projects

Global LNG imports rose by 20 percent in 2017; new demand emerges across South, Southeast Asia. Soaring gas demand from China, India and Southeast Asia is sucking up an LNG supply glut previously expected to last for years, opening opportunity for new production from East Africa to North America that had been deemed part of the overhang. Trade flows in Eikon show global liquefied natural gas (LNG) imports have risen 40 percent since 2015, to almost 40 billion cubic metres (bcm) a month. Growth accelerated in 2017, with imports up by a fifth, largely due to China, but also South Korea and Japan. Asia's LNG market has been glutted since 2015, following massive development that began in the early 2000s.