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Höegh LNG secures LNG carrier agreements for 2021 and 2022

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LNG Industry,

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

Furthermore, an agreement has been reached with Cheniere to extend the existing interim LNG carrier time charter for the Höegh Galleon with 12 months.

The rates for the above-mentioned time charters are consistent with the term market rates for TFDE LNG carriers and modestly above those achieved for the Höegh Gallant and Höegh 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 has secured full contract coverage for its fleet in 2021, with the exception of Höegh Esperanza where Höegh 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 Höegh Esperanza is planned to be employed on a long-term FSRU contract. Höegh Esperanza is, conditional on a final investment decision (FID) being made, selected for AGL’s Crib Point FSRU project in Australia.

President and Chief Executive Officer Sveinung J.S. Støhle says: “We are off to a very good start for 2021 with these charters in place, taking advantage of the seasonally strong LNG carrier market to bridge the interim period with solid counterparties.”

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