LNG

The LNG carrier spot charter market is now showing the first real signs of recovery on the back of new production capacity starting up and the speed of the revival will depend on how trade patterns evolve over the coming months, a leading LNG shipping company said.

Hoegh LNG Partners, the US unit of the Norwegian carrier feet owner and floating project developer, said it had restated its financial statements for the years to December 2014 and 2013 and has completed its acquisition of a floating import terminal deployed in Egypt.

The Singapore unit of Russia's Gazprom Marketing and Trading has won the tender to be the sole off-taker from the Cameroon Floating LNG project offshore the West African state of Cameroon, clearing the way for the venture to go ahead.

Hoegh LNG of Norway, whose US affiliate is being obliged to restate its earnings, has seen its own net profits decline, though it has signed further options for floating LNG project vessels.