Hoegh LNG Partners profit up

Hoegh LNG Partners profit up

Höegh LNG Partners, a unit of Höegh LNG, on Tuesday reported a net income of US$5.2 million for the third quarter, up from $3.3 million for the same period in 2014. 

The company’s operating income for the period in review was $7.5 million, a $2.3 increase compared to the third quarter 2014, according to a report.

All of Höegh LNG Partners FSRUs were on hire during the quarter raising a total of $11.5 million in time charter revenues in comparison to $9.1 million when compared to the same period a year before.

Richard Tyrrell, Chief Executive Officer and Chief Financial Officer said, “Höegh LNG Partners’ solid operational and financial performance in the third quarter reflected the stable nature of the long-term contracts. Including the dropdown of the FSRU Höegh Gallant that closed on October 1, 2015, our contracts have an average duration of 13 years excluding options.”

Tyrell added that the acquisition of the FSRU Höegh Gallant, which brings the partnership’s fleet up to five FSRUs, will benefit the company during the fourth quarter.

LNG World News Staff

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