LNG

Egypt, the nation with oil and gas reserves and which imports and exports LNG, is now planning to secure large quantities of US ethane made from shale gas to avoid shortages of fertilisers and a food crisis because of an acute shortage of natural gas in the domestic market.

Höegh LNG Holdings, the owner and operator of 13 LNG vessels including floating storage and regasification (FSRU) units, said an FSRU chartered to Australia will be deployed beforehand to Egypt to improve the Arab nation’s energy security.

Höegh LNG Ltd, the owner and operator of 13 LNG vessels including floating storage and regasification (FSRU) units, said it was focusing ensuring that FSRU projects commence operations as planned for customers in Germany, France and Brazil over the coming months as it posted increased profits.

Höegh LNG Holdings, the owner of 10 floating storage and regasification units and two conventional LNG carrier, has completed the acquisition of the LNG carrier “Golar Seal”.

The company purchased the 2013-built “Golar Seal” from Cool Co., the LNG shipping joint venture led by Eastern Pacific Shipping.

Höegh LNG paid $184.3M for the vessel with 160,000 cubic metres of capacity.

Hamilton, Bermuda-based, Höegh also assumed all costs associated with the vessel's scheduled dry-docking.

Höegh said that the “Golar Seal” would also be renamed the “Höegh Gandria”.

Höegh last month reported net losses for the fourth quarter and the year during a busy period as three vessels were prepared for floating storage and regasification unit (FSRU) operations in Germany and Brazil.

Höegh still posted increased revenues during the last three months of 2022 amounting to $106.06M, up from $94.66M in the same quarter of 2021. Full-year revenues rose to $380.8M from $351.8M in 2021.

FSRU market

The company increased vessel operating expenses primarily related to repositioning of three vessels to make them ready for FSRU operations.

All three vessels completed their FSRU operational preparations at shipyards during the fourth quarter and two 10-year time charter contracts with the German Federal Government were signed in December and January respectively.

The company’s FSRUs “Höegh Esperanza” and “Höegh Gannet” were allocated to contracts and deployed in Germany at the North Sea port of Wilhelmshaven and at Brunsbüttel on the Elbe River north of Hamburg.

The third vessel, “Höegh Giant”, left the yard in November and was operating in the LNG carrier market on an interim charter before it was scheduled to go to Brazil in the second quarter of 2023.

Höegh signed a 10-year charter agreement with a Brazilian joint venture comprising São Paulo Regas Company and Comgás, Brazil’s largest gas distributor.

Höegh added in its earnings statement that its business development team was in “active dialogue” with several potential new projects looking for FSRU capacity which could provide growth opportunities for the group in the future.

Cool Company Ltd, the LNG shipping joint venture formed between Eastern Pacific Shipping and Golar LNG has issued a business and financial update as it builds a modern fleet and prepares for a listing on the New York Stock Exchange after last year’s initial public offering.

Höegh LNG Holdings, the owner of 10 floating storage and regasification units and two conventional LNG carriers, reported net losses for the fourth quarter and the year during a busy period as three vessels were prepared for FSRU operations in Germany and Brazil.

Feb 20 (LNGJ) - Höegh LNG Holdings has signed a deal with CoolCo, a shipping investor group including Eastern Pacific Shipping and Golar LNG, to acquire the 2013-built LNG carrier “Golar Seal” with 160,000 cubic metres of capacity for an undisclosed sum. “The purchase price is in line with current market level for similar vessels. Höegh LNG expects to take delivery of the vessel in late March or April 2023 and subsequently employ the vessel in the carrier market on a term time charter,” said Höegh LNG.

   “We are very pleased to make this investment which underpins our growth ambitions. The vessel will be an excellent addition to our fleet, and provide flexibility to pursue FSRU conversion opportunities,” said Erik Nyheim, the President and Chief Executive of Höegh LNG.

Feb 10 (LNGJ) - Höegh LNG Holdings has signed a new loan facility agreement with a group of banks to refinance the “Höegh Esperanza” and “Hoegh Gannet” floating storage and regasification (FSRU) units employed on long-term contracts in Germany.

   Höegh’s new loan facility agreement is for a total of $685 million and for 10 years and will be used to repay existing loan facilities and for general corporate purposes “We are very pleased to secure an attractive, long-term finance for these two FSRUs with a strong group of international banks,” said Håvard Furu, the Chief Financial Officer of Höegh LNG.

Jan 19 (LNGJ) - Höegh LNG Holdings has signed a second binding 10-year charter deal with the German Federal Government for a floating storage and regasification unit (FSRU) and has allocated the vessel “Hoegh Gannet” to the contract. “The vessel ‘Hoegh Gannet’ will be deployed for the Elbehafen LNG project in Brunsbüttel and operated by Deutsche Energy Terminal GmbH,” said Höegh.

   The Elbehafen LNG import project is being developed by Germany utility RWE. Another of the company’s vessels, the “Höegh Esperanza”, was allocated to the project at the North Sea port of Wilhelmshaven being operated by German utility Uniper. “We are proud to sign the second contract with the Federal Government of Germany for the new LNG import terminal in Brunsbüttel and look forward to starting operations together with RWE,” said Erik Nyheim, the President and Chief Executive of Höegh LNG.

Dec 15 (LNGJ) - Höegh LNG Holdings said it signed a binding 10-year time charter contract with the German Federal Ministry for Economic Affairs and Climate Action. The Norwegian shipping company added that its floating storage and regasification unit (FSRU) “Höegh Esperanza” had been allocated to the contract.

   The company said the vessel would be located at the North Sea port of Wilhelmshaven and be operated by German utility Uniper acting as agent on behalf of the charterer. “We are very pleased and honoured to be signing the time charter contract with the Federal Government of Germany and look forward to working in close collaboration with Uniper in Wilhelmshaven,” said Erik Nyheim, Höegh LNG’s President and Chief Executive.