During the five-year deal, Excelerate will have the option to purchase the newbuilding. Maran Gas Maritime is currently building the FSRU at Daewoo Shipbuilding and Marine Engineering (DSME) shipyard and is scheduled for delivery in April 2020, when the charter would start.
To feature a storage capacity of 173,400 m3, the vessel will be capable of operating as both an FSRU and a fully tradable LNG carrier, the company noted.
Hull 2477 will join Excelerate’s existing fleet of nine FSRUs and will serve Excelerate’s portfolio of regasification customers. Excelerate Technical Management will provide ship management for the vessel.
“We believe this transaction leverages the strengths of both our companies. Excelerate are market leaders in the FSRU space and we are delighted to have this opportunity to collaborate thereby securing a productive future for this state-of-the-art FSRU,” John Angelicoussis, the owner of MGM, added.