Spotted: Höegh LNG’s Ninth FSRU Afloat at Hyundai Heavy

Höegh LNG has shared an image of its ninth FSRU floating at Hyundai Heavy Industries (HHI) shipyard in South Korea. 

Scheduled for delivery in the fourth quarter of 2018, the FSRU will have a storage capacity of 170,000 cubic meters and a max regasification capacity of 750 MMscf/day.

With a gross tonnage of 103,800 tons, the newbuilding will feature a length of 294 meters and a width of 46 meters.

As World Maritime News previously reported, the FSRU is intended for the LNG import project in Port Qasim near Karachi, Pakistan, under the 20-year charter contract signed with Global Energy Limited (GEIL).

In a separate announcement, Watson Farley & Williams (WFW) informed that Höegh LNG’s USD 230 million debt financing for the company’s eight FSRU has been completed.

Slated for delivery in the first quarter of 2018, the company’s eight FSRU is currently being built also at the HHI shipyard.

The facility comprises a twelve-year export credit agency term loan of up to USD 150 million backed by Garantiinstituttet for Eksportkreditt and Eksportkreditt of Norway, and a five-year non-amortising commercial bank loan of up to USD 80 million funded by ABN AMRO Bank, Danske Bank, Nordea and Swedbank. The facility is available to fund 65% percent of the FSRU’s delivered cost of with no employment requirement, increasing to 75% upon securing long-term employment.

The company currently has seven FSRUs in operation and three FSRUs under construction at HHI and Samsung Heavy Industries.

Earlier this month, Höegh LNG informed that its profit for the three months ended September 30 was USD 1.1 million, down from USD 8.5 million in the preceding quarter. The company reported EBITDA of USD 31.6 million for the third quarter, compared with USD 37.7 million for the previous quarter.

World Maritime News Staff