Hoegh LNG Partners ups cash distribution due to FSRU aquisition

FSRU Höegh Grace (Image courtesy of Höegh LNG)

Höegh LNG Partners, the Bermuda-based limited partnership formed by Norway’s Höegh LNG, raised its first quarter cash distribution to $0.43 per unit.

This represents an increase of 4.24% from the fourth quarter 2016 distribution and is related to the acquisition of 51% of FSRU Höegh Grace, Höegh LNG Partners said in a statement.

The latest move brings the total distribution increase since the company’s IPO in 2014 to 27.4% and corresponds to an annualized distribution of $1.72 per unit, it added.

The FSRU Höegh Grace has last year started operations in Columbia under a 20-year contract with Sociedad Portuaria El Cayao (SPEC). It has the capacity to transport 170,000-cbm of LNG and has a regasification capacity of 500 mmscf/d.

Höegh LNG Partners’ fleet currently consists of five floating storage and regasification units or FSRUs that operate under long-term charters with energy companies or utilities.

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