LNG in World Markets: Excelerate FSRU Fleet to Leverage Buoyant Market

This current feature was extracted from the latest edition of Poten’s LNG in World Markets, a monthly service published on March 31, 2023.
Excelerate Energy is making operational and ownership changes to its floating storage and regasification unit (FSRU) fleet to try to maximize profits as demand continues to shift in Europe, Asia and Latin America.

The Texas-based company has 10 out of the world’s 49 FSRUs, which are seeing increased demand following Russia’s invasion of Ukraine. This boosted the company’s revenue to a record $2.5 billion and net income to $80 million in 2022 from $889 million revenue and $41 million net income the previous year.

Hyundai Heavy Industries in South Korea is building an 11th FSRU for Excelerate that is set to be delivered in June 2026. Excelerate is the sole owner of seven FSRUs and was chartering the remaining three but in a new financial agreement will save costs by increasing its ownership to eight FSRUs.

To read the full analysis, click here.

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