On September 28, Höegh LNG signed a time charter agreement for the LNG-carrier "STX Frontier" to Repsol for a period of 33 months plus options. Höegh LNG takes the vessel on charter from its owner STX Pan Ocean.

The STX Frontier is under construction at Hanjin Heavy Industries & Construction Co. Ltd., Korea. The vessel will enter the time charter to Repsol in July/August 2010. Höegh LNG will manage the vessel from the time of delivery.

STX Frontier is a 153 600 m3 Mark III membrane vessel with Dual Fuel Diesel Electric propulsion.

"We see this as an interesting opportunity to expand our relationship with the Spanish energy industry," says Sveinung Stohle, CEO of Höegh LNG. "We are also happy to cooperate with STX Pan Ocean in employing the STX Frontier in a challenging market."

Höegh LNG is in the process of renewing its asset base and has sold two of its older LNG carriers the last two years, and will take delivery of two newbuilding Shuttle and Re-gasification Vessels (SRV) on November 2009 and 2nd quarter 2010.

The Company already has the LNG-carrier Norman Lady on long term charter to Gas Natural of Spain

Tags: Hoegh LNG