Norway’s Hoegh LNG has boosted its hold in the LNG market with a new order and a stake purchase. The outfit has exercised an option for a fourth floating storage and regasification unit at Hyundai Heavy Industries. And, it has acquired a 50% share of the 153,600-cbm STX Frontier LNG carrier (built 2010) from STX Pan Ocean. Hoegh LNG said the new order at the South Korean shipyard will be able to operate as a floating LNG import terminal, as well as an ordinary LNG carrier. The FSRU will be delivered in the first quarter of 2015, and its specifications will be adapted to comply with relevant project requirements. Hoegh LNG’s existing three newbuildings are already allocated to specific projects in Indonesia, Lithuania, and Chile. “Hoegh LNG continues its growth within the floating regasification market. Our strategy to expand in the floating regasification market worldwide remains firm,” said chief executive Sveinung Stohle. A separate move will see Hoegh LNG purchase a 50% stake in the STX Frontier. Hoegh LNG has operated the ship since its delivery from the Hanjin Heavy Industries in 2010. No financial terms were disclosed. The vessel will be delivered to a 50-50 joint venture of Hoegh LNG and STX Pan Ocean between April 2013 and October 2013, upon completion of its current charter to Repsol. Due to the strong backwardation in the LNG market, Hoegh LNG says it will primarily focus its commercial activities for STX Frontier on the medium term market. The company adds that it is looking at a three-to-five year charter for the ship because this is the segment which “offers the best returns.” Hoegh LNG says it is currently in discussions with several potential customers, both existing and new, for chartering of the vessel.