Rotterdam-headquartered terminals group Vopak has torn up an agreement to enter shipowning with Japan’s Mitsui OSK Lines (MOL).
The company said in 2021 it would buy a 49.99% stake in the world's biggest floating storage and regasification unit (FSRU), the 263,000-cbm Bauhinia Spirit (ex-FSRU MOL Challenger, built 2017).
But Vopak said on Tuesday it has “decided to no longer pursue the acquisition”.
The group said it has been working with MOL to develop and commission the vessel for use in Hong Kong.
“Vopak has contributed much to the establishment of a reliable system for the operation and maintenance of the terminal,” the Dutch company said.
“Although the commercial start is expected later this year, the delay of the project has resulted in reduced attractiveness and made Vopak decide not to make use of the share right,” it added.
But Vopak will remain involved in the commissioning of the terminal and will continue to provide support to the operation as required.
TradeWinds reported last month that this first FSRU for Hong Kong was on the move to its new home but would deliver a cargo en route.
The ship left Singapore and had been due to arrive in Incheon, South Korea, on 24 March.
Those following the vessel said it was due to arrive in Hong Kong in ballast before 10 April, where it will start work as CLP Power’s LNG import terminal.
Energy major Shell is contracted to supply LNG to the facility.
Chartered to Singapore LNG
The Bauhinia Spirit had been on charter to Singapore LNG while it awaited the delayed start-up of the Hong Kong project.
The unit was reported to have cost $300m to order in 2014.
Vopak has been moving into green fuels through shipping and infrastructure deals.
The group said on Tuesday it aims to grow its base in industrial and gas terminals, and to accelerate towards new energies and sustainable feedstocks.
