Hoegh LNG logs rise in Q1 earnings

Norway’s floating storage and regasification unit (FSRU) giant Höegh LNG reported a rise in its earnings in the first quarter of this year as compared to the same period in 2017.

Höegh LNG said its quarterly net profit was at $13.2 million, as compared to $11.4 million in the first quarter last year while the company’s total income rose from $68.6 million last year to $72.2 million during the first quarter this year.

The company said that all seven FSRUs and two LNG carriers in Höegh LNG’s fleet operated in accordance with contracts during the quarter, and the group’s technical availability was 100 percent.

To remind, Höegh LNG recently took delivery of its eighth FSRU, Höegh Esperanza.

Höegh LNG has agreed terms for a three-year time charter for the latest FSRU with start-up in mid-2018, it said.

The company added in the report it remains involved in “several prospective tendering processes” to secure long-term employment for its ninth and tenth FSRU which are currently being built in South Korea and are expected for delivery in December 2018 and May 2019, respectively.