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FSRU Hoegh Giant to go to Brazil on ten year charter

Hoegh Giant, floating regasification unit (FSRU) of Hoegh LNG, is scheduled to go to Brazil on ten-year charter contract with TSRP/Compass. TSRP is a subsidiary of Compass Gas & Cosan Group company of Brazil.

The 170,000cbm FSRU Hoegh Giant was originally assigned to H-Energy of India for its Jaigarh LNG terminal. The contract was terminated by Hoegh LNG in April 2022 as according to Hoegh, H-Energy defaulted on the contractual terms.

All three FSRUs of Hoegh LNG completed the preparations at the yard during the last quarter of 2022, and the two 10-year time charter contracts with the Federal Government of Germany were signed in December and January respectively. Hoegh stated in its report that FSRU Höegh Esperanza and FSRU Höegh Gannet are allocated to these two contracts and are already in place in Germany, located in Wilhelmshaven and Brunsbüttel.

The third FSRU, Höegh Giant, left the yard in November, and is now operating in the LNG carrier market on an interim charter before it is scheduled to go to Brazil in the second quarter of 2023 and commence operations under Höegh LNG’s 10-year time charter contract with TSRP/Compass as mentioned earlier.

According to Hoegh, the fleet delivered a stable operating performance in the fourth quarter. However, each of Höegh Esperanza, Höegh Gannet, and Höegh Giant were idle for a period of about 35 days on average, while finalising the class renewals and modifications to be carried out to prepare the vessels for FSRU operations.

Höegh Esperanza successfully commenced regas operations in Wilhelmshaven in late December 2022 and is on hire under its new contract. Höegh Gannet arrived in Brunsbüttel in January 2023 when hire started to accrue under its new contract. The FSRU is expected to complete its commissioning and commence regas operations in March/April 2023.

FSRU Neptune, which is employed on a long-term charter with TotalEnergies, successfully commenced regas operations for Deutche ReGas in Lubmin, Germany, during January/February 2023.

The Hoegh group’s fleet consists of ten modern FSRUs and two LNG carriers. The entire fleet is either operating under or committed to long-term contracts with strong counterparties.