Hoegh LNG Secured Interim LNGC Charters for 2021 and 2022

Source: www.gulfoilandgas.com 2/9/2021, Location: South America

Hoegh LNG Holdings Ltd. has reached an agreement with Trafigura for an extension of the existing interim LNGC time charter for Hoegh Gannet by 12 months and entered into a new interim LNGC time charter for Hoegh Gallant for 12 months from the redelivery from its current charter at end March 2021.

Further, an agreement has been reached with Cheniere to extend the existing interim LNGC time charter for the Hoegh Galleon with 12 months.

The rates for the above-mentioned 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 three time charters include extension options for the charterers which can result in back-to-back employment with potential new FSRU awards.

With these charters the company’s fleet is secured full contract coverage for 2021, with the exception of Hoegh Esperanza where Hoegh LNG is in discussions with the existing charterer on an extension from the expiry of the existing contract in June 2021. The company aims to secure an extension that potentially covers the period until Hoegh Esperanza is planned to be employed on a long-term FSRU contract. Hoegh Esperanza is, conditional on a final investment decision being made, selected for AGL’s Crib Point FSRU project in Australia.

President and Chief Executive Officer Sveinung J.S. Stohle says: “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.”

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