This is pure opinionated research not financial advice.
If you haven’t heard about Floating Storage and Regasification Unit or FSRUs, now is the time. They were obscure specialized shipping vessels a few years ago in a dying market. Now, they have been thrown into the spotlight due to recent global events. The Russian-Ukraine war has cut off the natural gas supply into Europe.
The only way the EU can import natural gas is from the ocean via FSRUs. Usually, Natural Gas Terminals or LNG Import Terminals allow countries to import natural gas. They import it from Ocean LNG tankers or carriers into the gas grids of Europe.
LNG Terminals convert the Liquified Natural Gas (LNG) into a gaseous state. Constructing Natural Gas terminals takes 5–10 years. In comparison, FSRUs can be relocated quickly. They can be moved near shore or into deep seaports, which allows the import of LNG.
FSRUs are nevertheless in limited supplied, globally there are only 48 FSRUs in the world. For a limited supply and skyrocketing demand of LNG so does the demand of FSRUs, Increase. Recently FSRU was sold to Snam a Italy firm for $350 million, from Golar LNG.
Who Owns? FSRUs?
Here’s the link to CSV file , or original data source
This pie chart shows who owns FSRU’s Globally by percentage. Four small companies own them. They are New Fortress Energy, BW Gas, Excelerate Energy, & Höegh LNG. Hoegh LNG has 100% FSRU availability from their Q2 report. They have already sold 2 FSRUs to Germany. In addition, Excelerate Energy sold one FSRU to Finland.
So what companies can we invest in?
Warning HMPL-A has completely delisted. Best Preferred Share of 2022 is HLMP-A.
§ New fortress Energy — ticker NFE Annual Dividend/Yield$0.40/0.87%, P/E Ratio (TTM, GAAP)44.66x
§ Excelerate Energy — ticker EE Annual Dividend/Yield$0.10/0.42%, P/E 16.56
§ Hoegh LNG — ticker HMLP-A Preferred Share only | 8.75% Series A Cumulative Redeemable Preferred Units (HMLP.PRA) Annual Dividend/Yield$2.19/9.83%, P/E ???
Unfortunately, Common Units for HMLP was ended as of September 23rd
§ BW Gas — ticker BWLLF BW LPG Ltd Over the counter Annual Dividend/Yield$0.79/9.63% P/E ???
Be aware of the competitive threat of new market entries. LNG tankers can be converted to FSRUs in over 10 months. So only in this small space of time will FSRUs be call higher price. However, in future is unknown.
“Building an FSRU can take up to three years and cost $300 million, whereas converting an existing LNG tanker into an FSRU can take 18 to 24 months and cost $100-$150 million.”
Excelerate Energy Inc FSRUs Vessels
- Excellence
- Excelsior
- Summit LNG
- Explorer
- Express
- Exquisite
- Expedient
- Exemplar
- Experience
- ExE Sequoia
Golar LNG GLNG
Most of Golar’s FSRUs have been sold to New Fortress Energy. They focused on an FLNG ship that extracts LNG from the ocean via a pipeline. New Fortress Energy has dividends Golar LNG does not so be aware of that.
- Golar Tundra Owner Snam, Italy
- Golar Igloo Owner New Fortress Energy
- Nusuntra regas Satu Owner PT Nasantara Character 2025
- Golar Spirit Owner New Fortress Energy
- Golar Winter Owner New Fortress Energy
- Golar Freeze Owner New Fortress Energy
- Golar Viking Owner State of Croatia (LNG Hrvatska)
- Golar Eskimo Owner New Fortress Energy
- Golar Frost Owner OLT Offshore
HLMP-A HOEGH LNG
- HOEGH GRACE
- HOEGH GALLAT
- FSRU INPENCENCE
- PGN FSRU LAMPUNG
- HOEGH CAPE ANN
- NEPTUNE
- HOEGH ESPERANZA
- HOEGH GANNET
- HOEGH ALLEON
- HOEGH GAIN
MOL Mitsui O.S.K. Lines
- Challenger
Dynagas
- Transgas force
- Transgas Power
Exmar
- S188 (ex Exmar FSRU)
- MSHAVEN LNG
JSK Group
- FSRU Karunia Dewata
Gazprom
- FSRU Marshal Vasilevskiy
Kolin Construction
- Turquoise (ex Turkey FSRU)
KARMOL
- LNGT Powership Africa (ex Dwiputra)
- LNGT Powership Asia (ex NW Shearwater)
- TBN (ex LNG Vesta)
Zhejiang Huaxiang
- FSRU Hua Xiang(ex. Hua Xiang 8)
DEFA
- ETYFA Prometheas(ex Galea)
Gasfin Development
- Torman
Gaslog
- TBN (ex Gaslog Chelsea)