Dutch tank terminals company Vopak has become a shipowner by taking a big stake in the world's largest floating storage and regasification unit.

It has agreed to buy 49.99% of Japanese group Mitsui OSK Lines' 263,000-cbm MOL FSRU Challenger (built 2017).

The vessel is being renamed Bauhinia Spirit for a new port project being built in Hong Kong.

The two companies will jointly own and operate the FSRU.

They will also provide jetty operations and maintenance, and port services, for the offshore LNG terminal to "contribute to the energy transition in Hong Kong", the companies added.

No financial terms have been disclosed.

MOL and Vopak also aim to explore further downstream opportunities for bunkering of LNG as a marine fuel in Hong Kong.

The FSRU has a long-term contract with Hong Kong LNG Terminal Ltd.

The terminal is expected to be operational around mid-2022, about 25km south-west of Hong Kong Island. It will provide natural gas feedstock to the client's dedicated power plants.

A first for Hong Kong

"Both MOL and Vopak are excited to contribute to the success of Hong Kong's first-ever LNG import terminal based on the companies' complementary strengths, combining their experiences related to the LNG industry, including FSRU and offshore jetty platform operations and maintenance respectively," the companies said.

Vopak already has a portfolio of four LNG terminals in operation and more than 300 jetties across its global terminal network.

The MOL FSRU Challenger was originally built for a project in Uruguay.

When this collapsed, it found employment in Turkey in 2017, where it was deployed as an FSRU under a three-year contract with state energy company Botas that was later extended.

Replaced by one of Botas' own newbuildings, the MOL FSRU Challenger then picked up spot market business this year that positioned it into Asia.

TradeWinds reported in April that the super-sized FSRU was then due to go into a shipyard in the Far East for modifications.

Takeshi Hashimoto, chief executive of MOL, said: "An ideal complementary relationship works by combining Vopak's many years of experience as a terminal operator for oils, chemicals and liquefied gas with MOL's know-how of LNG carrier and FSRU operation."

Vopak chief executive Eelco Hoekstra said: "This cooperation gives Vopak an excellent entry in the growing LNG market in Hong Kong and fits our ambition to diversify our service offering in LNG by investing in FSRUs."

Hong Kong LNG Terminal Ltd is a joint venture between the two local utility companies, Castle Peak Power and the Hongkong Electric Co.