Floating storage and regasification unit (FSRU) Höegh Giant commenced today its time charter contract with Spanish natural gas and electrical energy utilities company Gas Natural SDG, SA (Gas Natural Fenosa).
Höegh LNG, the vessel’s owner, said the initial term of the contract is three years, and it includes the option for Gas Natural Fenosa to utilize the unit as an FSRU at a pre-defined day rate and for a pre-defined term.
Until FSRU employment is established, the unit will trade in Gas Natural Fenosa’s fleet, earning an LNG carrier spot-market-linked day rate.
The Höegh Giant will transit the Panama Canal destined for Sabine Pass in the United States, where it will load its first cargo under the Gas Natural Fenosa contract.
“For the additional 6 FSRUs and 2 LNGCs in the operating fleet, Höegh LNG is pleased to confirm that all units continue to operate in accordance with their long-term contracts,” Höegh LNG added.
Höegh Giant was delivered from the Hyundai Heavy Industries on April 27, 2017, and is currently trading as an LNG carrier until it starts its 20-year FSRU contract with Quantum Power in Ghana in mid-2018.
The charterer has a five-year extension option for the contract.
Höegh LNG has three more FSRUs under construction, which are scheduled for delivery in the first and fourth quarters of 2018, and the second quarter of 2019, respectively.