Höegh LNG Partners reports rise in Q3 profit

Höegh LNG Partners reports rise in Q3 profit
Image courtesy of Höegh LNG

Höegh LNG Partners, the Bermuda-based limited partnership formed by Norway’s floating giant Höegh LNG, reported a jump in net profit for the quarter ended September 30, 2018. 

The partnership reported net income of $19.9 million in the third quarter, an increase of $14.5 million from net income of $5.4 million for the three months ended September 30, 2017.

In its latest quarterly report, the partnership noted the net income for the three months ended September 30, 2018, was significantly impacted by unrealized gains on derivative instruments mainly on the partnership’s share of equity in earnings of joint ventures.

Höegh LNG Partners total time charter revenues reached $37.3 million for the third quarter of 2018 compared to $35.9 million of time charter revenues for the third quarter of 2017.

Looking forward, the partnership noted that there are two FSRUs owned by its parent company Höegh LNG, the Höegh Giant and the Höegh Esperanza, currently in operation on three-year contracts, which the partnership has the right to buy, provided certain conditions are met.

However, the partnership said there is no assurance the acquisitions will be made.

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