Höegh LNG Partners post fourth-quarter profit rise

Höegh LNG Partners post fourth-quarter profit riseImage courtesy of Höegh LNG Partners

Höegh LNG Partners, the Bermuda-based limited partnership formed by Norway’s floating giant Höegh LNG, reported a rise in its fourth-quarter profit. 

The partnership reported net income for the three months ended December 31, 2018, of $16.1 million, a decrease of $9.3 million from net income of $25.4 million for the three months ended December 31, 2017.

The net income for the three months ended December 31, 2018, and 2017, were impacted by unrealized gains and losses on derivative instruments mainly on the partnership’s share of equity in earnings (losses) of joint ventures, the company said in its quarterly report.

Höegh LNG Partners reported time charter revenues of $37.3 million for the fourth quarter of 2018, compared to $37.6 million of time charter revenues for the fourth quarter of 2017.

The partnership noted that Höegh LNG  has two operating FSRUs with Höegh Giant is operating on a three-year contract that commenced on February 7, 2018, with Naturgy (formerly Gas Natural Fenosa). The Höegh Esperanza is operating on a three-year contract that commenced on June 7, 2018, with CNOOC Gas & Power Trading and Marketing which has an option for a one-year extension.

Höegh LNG took delivery of the Höegh Gannet on December 6, 2018, which will serve on a 15-month LNGC contract with Naturgy. Höegh LNG has one additional FSRU on order (SHI Hull No. 2220).

The partnership will have the right to purchase the Höegh Giant, the Höegh Esperanza, Höegh Gannet and SHI Hull No.2220 following acceptance by the respective charterer of the related FSRU under a contract of five years or more, subject to reaching an agreement with Höegh LNG regarding the purchase price.

However, there can be no assurance that the partnership will acquire any vessels from Höegh LNG or of the terms upon which any such acquisition may be made.

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