Höegh LNG enters into a time charter party with AGL

Höegh LNG Holdings Ltd has announced that it has entered into a time charter party with AGL Shipping Pty Ltd (“AGL” or the “charterer”), a wholly owned subsidiary of AGL Energy Ltd., for the provision of a floating storage and regasification unit (“FSRU”) to facilitate its proposed Gas Import Jetty project at Crib Point, Victoria, Australia that is targeting start up in 2020 – 2021 (the “project”).

The charter is for a 10 year period and it remains conditional on the board of directors of AGL Energy Ltd. taking a final investment decision in relation to the project and receipt by the charterer of key environmental project approvals. The FSRU assigned to the project is expected to generate annual EBITDA of between USD 29M and USD 31M, depending on planned technical modifications that may be specified by AGL before the project start-up.

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