Höegh LNG Partners third quarter profit soars

Höegh LNG Partners third quarter profit soars
Image courtesy of Höegh LNG

Höegh LNG Partners, the Bermuda-based limited partnership formed by Norway’s Höegh LNG, reported a significant rise in its net profit for the third quarter of 2016. 

According to the quarterly report issued on Thursday the Partnership posted a net income of US$13.4 million, a 157.7 percent increase from the $5.2 million recorded in the corresponding quarter in 2015.

The operating income and net income were impacted by “unrealized gains on derivative instruments on the Partnership’s share of equity in earnings of joint ventures in the third quarter of 2016 compared with unrealized losses for the third quarter of 2015.”

Excluding all the unrealized gains (losses) on derivative instruments, net income for the three months ended September 30, 2016 would have been $8.8 million, an increase of $1.9 million, or 28 percent, from $6.9 million for the three months ended September 30, 2015.

Speaking of the results, Partnership’s CEO and CFO, Richard Tyrrell, said, “We continue to benefit from the rapid global expansion of LNG adoption and the accompanying need for regasification capacity, for which our modern FSRUs are the preferred option.”

The Partnership is eyeing another option of expanding its fleet with a possible acquisition of the Höegh Grace that arrived in Cartagena, Colombia in early November.

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