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Gas Natural extends time charter with Höegh LNG

LNG Industry,

Höegh LNG Holdings Ltd announced that Gas Natural, on Wednesday, had exercised its option to extend the charter period of the vessel LNG Libra – a 126 000 m3 LNG carrier with steam turbine propulsion that was chartered to Gas Natural for operation between Trinidad and Escobar, Argentina until mid November 2013 – with redelivery by the end of 2014, a total period of around 13 months.

In addition, Gas Natural has an option to extend the charter period with up to an additional 12 months to end in December 2015. The EBITDA contribution to Höegh LNG for the extended period is around US$ 8.7 million.

If the option for further extension is exercised, this will contribute around US$ 6.6 million to the EBITDA.  President and CEO Sveinung J.S. Støhle says in a comment: "We are very pleased that Gas Natural has extended the charter for LNG Libra and has indicated interest to charter the vessel until the end of 2015. We are looking forward to continue our good relationship with Gas Natural in the coming years, and this extension underlines the good relations with Gas Natural as well as Höegh LNG's excellent performance record."

Adapted from press release by Ted Monroe

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