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Höegh to Take Over Operations in China

Höegh to Take Over Operations in China
Höegh Esperanza, the FSRU unit operated by Norway’s Höegh LNG Holdings, has arrived at the Tianjin LNG terminal in China and started commissioning for FSRU operations.

The vessel is currently serving a three-plus-one year FSRU/LNGC time charter with CNOOC Gas & Power Trading and Marketing Ltd. Under the contract, Höegh Esperanza will be utilised in FSRU mode for a minimum period each year, with the balance of the year in LNG carrier mode and/or FSRU mode.

The company said that the rate structure corresponds to the mode of use, with an anticipated annualised EBITDA contribution when in FSRU mode of approximately USD 33 million. Höegh Esperanza, which features a storage capacity of 170,000 cubic meters of LNG, was delivered from Hyundai Heavy Industries in April 2018 and entered the contract with CNOOC in June 2018.

“Combined with the sale-and-leaseback financing for FSRU #10 secured earlier this year, this FSRU/LNGC contract for Höegh Esperanza with CNOOC reflects Höegh LNG’s commitment to the Chinese market, and our ambition to remain the preferred partner for future LNG import expansions,” Sveinung J.S. Støhle, CEO & President of Höegh LNG, said.

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