Höegh LNG: Executes 18 month interim LNGC timecharter with Cheniere for Höegh Galleon

Hamilton, Bermuda - 12 July 2019

Höegh LNG Holdings Ltd. ("Höegh LNG") advises that an interim LNGC time charter has been entered into with Cheniere Marketing International LLP. ("Cheniere") for its recently named Höegh Galleon.

The time charter commences in September 2019 after the delivery of the unit, Höegh LNG’s tenth, from Samsung Heavy Industries Co., Ltd.

The terms of the time charter ensure the Höegh Galleon’s availability to serve the AIE project in Port Kembla, Australia, where Höegh LNG is the FSRU provider on a back-to-back basis. AIE recently announced a contract to supply gas to its foundation customer from 1 January 2021.

Under the contract with Cheniere, Höegh Galleon will earn a fixed daily charter rate.

Sveinung J.S. Støhle, President & CEO of Höegh LNG comments: "We are very pleased to further develop our relationship with Cheniere, the US’ largest LNG exporter. This charter party will cover the period from delivery of Höegh Galleon until its planned start-up in Port Kembla. Combined with a finalized AIE contract and the project’s FID, Höegh Galleon will have long-term contract coverage in line with HLNG’s stated strategy. Finally, from commencement of the Cheniere contract in September, Höegh LNG's fleet will be fully employed."

Höegh LNG press release