Norway’s Höegh LNG said on Wednesday that its floating storage and regasification unit (FSRU) Höegh Giant has started its time charter contract with Spanish LNG operator Gas Natural Fenosa.
The initial term of the contract is three years, and it includes the option for Gas Natural Fenosa to utilize the unit as an FSRU at a pre-defined day rate and for a pre-defined term.
Until FSRU employment is established, the 170,032-cbm unit will trade in Gas Natural Fenosa’s fleet, earning a LNG carrier spot-market-linked day rate, Höegh LNG said.
The Höegh Giant will transit the Panama Canal destined for Cheniere’s Sabine Pass liquefaction facility in the United States, where it will load its first cargo under the Gas Natural Fenosa contract.
For the additional 6 FSRUs and 2 LNGCs in the operating fleet, Höegh LNG said that all units “continue to operate in accordance with their long term contracts.”