Höegh LNG Partners lifts dividend on FSRU acquisition

Höegh LNG Partners, the Bermuda-based limited partnership formed by Norway’s floating giant Höegh LNG, said it has boosted its dividend in the first quarter by 2.3 percent when compared to the previous quarter.

The company declared a quarterly cash distribution of $0.44 per unit for the first quarter.

Höegh LNG Partners said in a statement on Thursday that the increase was related to the acquisition of the remaining 49 percent of the floating storage and regasification unit (FSRU) Höegh Grace.

The distribution increase brings the total distribution increase since the partnership’s initial public offering (IPO) in 2014 to 30.4 percent and corresponds to an annualized distribution of $1.76 per unit, the statement noted.

Additionally, Höegh LNG Partners announced that its board declared a cash distribution of $0.546875 per 8.75 percent Series A preferred unit.