Published on 31st May 2023
Also known as an “LNG storage ship,” an FSRU refers to a floating storage and regasification unit (FSRU), which is a floating vessel used to transport, store, and regasify liquefied natural gas (LNG) onboard.
Generally, an FSRU includes LNG storage tanks, as well as equipment for LNG loading and unloading and LNG regasification. An FSRU serves as a special type of LNG tanker used to transfer LNG from one place to another via sea routes.
Compared to a traditional land-based solution, a floating regasification solution saves time and money and ensures minimal footprint, with a dockside or offshore regasification facility requiring less land use than a land-based terminal.
Keep reading to learn more about the top players in the FSRU market.
Table of Contents
Global Top 15 FSRU Companies 
HÖEGH LNG AS
Excelerate Energy, Inc.
New Fortress Energy Inc.
Mitsui O.S.K. Lines, Ltd.
OLT Offshore LNG Toscana
Nakilat (Qatar Gas Transport Company Ltd.)
Maran Gas Maritime Inc.
LNG Hrvatska d.o.o.
Jawa Satu Regas
Blackridge Research & Consulting – Global Floating Storage Regasification Unit (FSRU) Market Report
Here are the world’s leading FSRU companies (this list is based on ownership):
Location: Oslo, Norway
HÖEGH LNG AS is a maritime energy infrastructure pioneer, as well as an owner and operator of floating infrastructure for LNG import and transportation.
Founded by Leif Høegh, HÖEGH LNG has grown into a globally recognized provider of floating LNG services under long-term contracts.
HÖEGH LNG’s fast-track floating LNG terminals ensure national and regional energy security worldwide.
In addition, HÖEGH LNG’s cost-competitive and flexible LNG infrastructure allows for convenience access to global LNG markets and enables the transition to a low-carbon future.
HÖEGH LNG states that it has “the newest and most technically advanced FSRUs in the industry.” HÖEGH LNG’s successful track record includes:
Location: Texas, United States
Excelerate Energy, Inc. is an industry leader in integrated LNG solutions. The leading oil and natural gas company possesses a diverse range of capabilities—from floating regasification and terminal operations to LNG marketing & chartering and LNG & gas distribution.
Apart from establishing FSRUs as a commercially viable solution to access LNG globally, the company owns and operates one of the largest FSRU fleets in the industry.
Excelerate Energy has extensive experience in developing and operating complex LNG solutions across the world, with its FSRUs having the capability to vaporize LNG and deliver natural gas through specific offshore and near-shore receiving facilities.
Furthermore, Excelerate Energy provides quick and convenient access to incremental gas supplies by delivering regasified LNG at pipeline pressure via its FSRUs.
Let’s look at Excelerate Energy’s FSRU fleet:
Location: United States
Founded by Wes Edens, New Fortress Energy Inc. (also known as “NFE”) is a well-known energy infrastructure company specializing in developing, financing, and constructing energy infrastructure assets.
NFE’s operations are spread across the Caribbean, Europe, Latin America, and the U.S., and its LNG customers include but not limited to the following:
As an integrated gas-to-power company, NFE provides the following LNG solutions:
According to a press release, NFE and N.V. Nederlandse Gasunie (“Gasunie”) signed a 5-year FSRU charter agreement to provide storage and regasification capacity for Gasunie’s new LNG import terminal in the Netherlands. The press release further stated that NFE’s FSRU will work with a third party’s FSRU to provide up to 8 billion m3/y of total regas capacity.
Location: Oslo, Norway
BW LNG is a leading LNG company and an affiliate of the BW Group. BW Group (BW) is a leading global maritime company engaged in deepwater O&G production, floating infrastructure, new sustainable technologies, and shipping.
Founded by Sir YK Pao, BW manages a fleet of over 490 vessels, including 200 LNG and LPG ships reported to constitute “the largest gas fleet in the world.”
BW LNG has 7 offices across the world and 34 LNG carriers and FSRUs in its fleet.
As an owner and operator of LNG assets, BW LNG provides competitive solutions for its clients’ gas infrastructure and shipping needs.
Since acquiring its first LNG vessel in 1973, BW LNG has been building operational competency through a combination of engineering design, technical management, and crew training.
As part of the BW Group, BW LNG provides integrated LNG solutions without losing focus on safety and the environment.
Location: Minato City, Tokyo, Japan
Mitsui O.S.K. Lines, Ltd. (MOL) was established following the merger between Mitsui Steamship Co., Ltd. (formerly known as “Mitsui Line”) and OSK (Osaka Shosen Kaisha).
MOL is one of the largest shipping companies in the world with its offshore business including FPSOs and FSRUs. The “MOL FSRU Challenger” is stated to be “the world’s largest FSRU” with an LNG storage capacity of 263,000 m3.
According to MOL, it is “the first Asian shipping company to take delivery of an FSRU.” In 2019, MOL started an LNG powership business with Karpowership based on MOL’s track record in LNG carrier and FSRU operations and the accumulated experience of both companies.
MOL’s proactive approach to developing its offshore business stems from the success of the first powership project in Mozambique, East Africa.
Location: Antwerp, Belgium
EXMAR NV (Exmar) is a multi-disciplinary maritime and offshore solutions provider that designs and delivers efficient and sustainable value chains for O&G production, storage, supply, and transportation.
According to EXMAR, “it is the world’s first company to build, own, and operate an FSRU.” Since 2005, EXMAR has acquired significant experience in constructing, developing, owning, managing, and operating FSRUs worldwide.
EXMAR’s experience encompasses building 10 new FSRUs, 5 FS(R)U conversions, and commissioning of more than 15 FSRU terminals.
EXMAR develops tailor-made FSRU solutions based on its industry experience and continuous monitoring of the LNG regasification market. EXMAR’s expertise and operational background have been immensely helpful to the company’s clients in developing LNG import projects.
An industry news source reported that EXMAR’s “FSRU S188” has been deployed at the Gasunie-operated Dutch LNG terminal in Eemshaven, Groningen, Netherlands. Furthermore, Gasunie is expected to use FSRU S188 (built in 2017) as a floating LNG import terminal.
Location: Federal Territory of Kuala Lumpur, Malaysia
Bumi Armada Berhad (Bumi Armada) is an international offshore oilfield services provider and is part of Ananda Krishnan’s Usaha Tegas group. The company provides engineering, maintenance, and marine transportation services to the offshore O&G industry.
Known as “the fifth largest FPSO player in the world,” Bumi Armada is an established OSV (Offshore Service Vessel) owner and operator offering services through two business units, including floating production and operation and offshore marine services.
Bumi Armada’s wholly owned subsidiary “Bumi Armada Netherlands B.V.” formed a joint venture with “Shapoorji Pallonji Oil and Gas Private Limited.”
The joint venture known as “SP Armada Clean Energy Ventures Private Limited (SPACEVPL)” signed a license agreement with Mumbai Port Trust to set up, operate, and maintain an FSRU in the Mumbai harbor for 30 years.
Location: Glyfada, Greece
Dynagas LTD. (Dynagas) is a well-established LNG maritime transportation company offering best-in-class in-house ship management services to charterers and stakeholders.
Dynagas and its fleet are known for operational efficiency, reliability, safety, and terminal flexibility.
In July 2021, the Greek shipping firm took delivery of the first 174,000-cbm LNG-FSRU (floating LNG storage and regasification unit) named “Transgas Power” from China’s Hudong-Zhonghua Shipbuilding Group (Hudong-Zhonghua).
In November 2021, Hudong-Zhonghua delivered the second 174,000-cbm FSRU named “Transgas Force” to Dynagas. Both the vessels are stated to be “the first Chinese-built FSRUs” featuring three Wärtsilä regasification modules with each regas unit having a capacity of 250 million standard cubic feet per day.
In addition, the FSRUs are equipped with MAN dual-fuel diesel-electric propulsion and GTT’s NO96 containment system.
Location: İstanbul, Türkiye
Karpowership is an energy project pioneer with investments in domestic and international markets and is operational in four continents.
Karpowership is known as the builder, operator, and owner of the only Powership™ (floating power plant) fleet in the world. These fully integrated, ready-to-deliver floating power plants provide economical and reliable power supply with fast-track delivery.
Karpowership comprehensive fleet includes:
Karpowership LNG-to-Power fleet includes:
Here are the features of Karpowership FSRU:
Karpowership fleet is built to the highest health, safety, and environmental standards and the mooring solution is compatible with STS (ship-to-ship) transfer.
According to a press release, the “world’s first operating M-FSRU (Modular Floating Storage and Regasification Unit)” with the ability to scale to market demand was built for KARMOL—a joint venture between Japan’s Mitsui O.S.K. Lines (MOL) and Turkey’s Karpowership.
Location: Livorno, Italy
OLT Offshore LNG Toscana is a leading provider of plant operation, technical testing, and liquid-to-gas conversion services.
The OLT project involved converting an existing LNG carrier (“Golar Frost”) into a floating regasification terminal, transforming LNG into its normal gaseous state.
In 2013, OLT Offshore LNG Toscana’s “FSRU Toscana” (also known as “Livorno LNG Terminal) was launched at the Drydocks World shipyard in Dubai.
The FSRU vessel is permanently moored about 22 km off the Italian coast between Livorno and Pisa and has a maximum authorized annual regasification capacity of 3.75 billion Sm3 of natural gas.
FSRU Toscana represents LNG excellence for the design, structure, long and complex authorization process, and the certifications obtained in terms of safety and environment.
Location: Doha, Qatar
Nakilat (Qatar Gas Transport Company Ltd.) is a shipping and maritime company providing an essential transportation link in Qatar’s LNG supply chain. Nakilat also operates the Erhama Bin Jaber Al Jalahma Shipyard in Ras Laffan Industrial City.
Nakilat is a global leader in energy transportation with the overall fleet strength of 74 vessels, including 69 LNG carriers, 1 jointly owned FSRU vessel, and 4 VLGCs (Very Large Gas Carriers).
Nakilat manages and operates the FSRU, VLGCs, and LNG carriers through its wholly owned subsidiary “NSQL” (Nakilat Shipping Qatar Limited). The targeted acquisition of the FSRU was driven by the company’s clear strategy focused on diversification and stronger financial performance.
According to Nakilat, the company is “the world’s largest owner of LNG carriers,” with the LNG fleet consisting of:
The combined carrying capacity of Nakilat’s LNG fleet accounts for about 12% of the global LNG fleet-carrying capacity.
Apart from its core shipping activities, Nakilat provides the following:
Nakilat continues to strengthen its in-house capabilities by developing know-how in FSRU management. In 2017, Nakilat also signed an MoU with Höegh LNG to collaborate on FSRU projects.
Location: Hamilton, Bermuda
Golar LNG (also known as “Golar”) is one of the world’s leading LNG service providers. Golar LNG owns and operates marine-based LNG midstream infrastructure.
Golar’s first firm FSRU commitments were “Golar Winter” and “Golar Spirit.”
Here is a brief overview of some milestones in Golar’s FSRU history:
Location: Kallithea, Greece
Maran Gas Maritime Inc. (MGM) is the gas-shipping unit of Angelicoussis Shipping Group Limited (ASGL), which has a diverse fleet comprising bulk carriers, as well as LNG and LPG vessels.
MGM was established to manage ASGL’s LNG and LPG carriers. Now, MGM is an industry leader in seaborne solutions and provides world-class shipping services to clients across the LNG market.
The MGM fleet is chartered to O&G industry majors, such as Qatargas, Shell, and Woodside, with the charter periods ranging from 5 to 20 years of duration.
In addition, MGM has a strong presence in the short-term and spot LNG chartering market, which enables it to provide flexible LNG shipping solutions (existing and new) to its customers.
According to an industry news source, U.S. floating LNG player Excelerate Energy completed the purchase of the 2020-built “FSRU Sequoia” from MGM.
Location: Zagreb, Croatia
Also known as “LNG Croatia LLC,” LNG Hrvatska d.o.o. is a company that operates a floating LNG regasification terminal in Omišalj on the island of Krk (a Croatian island).
The following are the main shareholders of LNG Hrvatska:
Although the project was first considered in 1995, it was officially inaugurated in January 2021.
While the annual handling capacity of the vessel is 2.6 billion cubic meters, the terminal can accommodate various ship sizes—from 3,500 to 265,000 cubic meters.
PT Jawa Satu Regas (Jawa Satu Regas or JSR) is a joint venture consisting of PT Pertamina (Persero—an Indonesian state-owned integrated energy company), Marubeni Corporation, Sojitz Corporation, and Mitsui O.S.K. Lines (MOL).
JSR is an affiliate entity of a company with business activities in the field of domestic sea transportation and an FSRU operator engaged in the process of converting LNG from liquid state into gaseous state.
JSR is the owner and operator of Jawa Satu FSRU—an operating LNG terminal with 2.4 MTPA capacity and located in Cilamaya in West Java, 110 km down the coast from Jakarta, Indonesia.
According to an industry news source, MUFG Bank (Mitsubishi UFJ Financial Group) and JBIC (Japan Bank for International Cooperation) signed a loan agreement with SLNG to finance an FSRU in Senegal.
The FSRU project owned by SLNG (Senegal LNGT Company Limited—a unit of Mitsui O.S.K. Lines (MOL)) will involve regasification of LNG and using it for electricity generation on an LNG powership.
Another industry news source confirmed the commissioning of India’s first FSRU near Jafrabad in Gujarat, India, by Swan Energy Ltd. (the Swan Group is one of India’s leading private sector business houses).
Are you looking for a comprehensive analysis of the global FSRU market?
Blackridge Research & Consulting’s Global Floating Storage Regasification Unit (FSRU) Market report provides meticulous qualitative and quantitative analyses along with deep insights into the competitive landscape, FSRU market share, latest developments, market drivers and restraints, upcoming LNG projects and more.
The regional market analysis in the global FSRU report is based on the following segmentation:
Contact us to learn more about the introductory offer and instant savings on your first or multiple purchases. You can buy the report directly or email us at email@example.com to purchase specific sections of the report.
You can also reach out to us for custom research services and free report customization.
Furthermore, all report purchases come with up to 60 minutes of exclusive analyst access and post-purchase analyst support up to a year.
FSRU companies are crucial to providing affordable, cleaner, faster, and reliable energy supply across the world. Globally, the FSRU market is expected to grow due to significant drivers, such as:
With a “plug-and-play” flexibility, quick fuel switching, multi-purpose usage, lower capital expenditures and other benefits, FSRUs are enabling both developing and established countries to rapidly expand regasification facilities and enhance energy security.
FSRU companies worldwide are bridging the gap of access to cleaner energy while minimizing environmental impact and maximizing cost and time savings.