Hoegh LNG Partners net income, revenue rise in Q1

Höegh LNG Partners, the Bermuda-based limited partnership formed by Norway’s Höegh LNG, reported a rise in its net income for the first three months of this year.

In its quarterly report, the MLP said its net income for the first quarter reached $16.2 million, an increase of $17.2 million from net loss of $1 million for the same quarter in 2016.

“The net income (loss) for both periods was significantly impacted by unrealized gains and losses on derivative instruments mainly on the Partnership’s share of equity in earnings of joint ventures,” Höegh LNG Partners said.

The company posted revenue of $35.1 million in the period under review as compared to $21.7 million the year before.

“Having closed the acquisition of 51% of the Höegh Grace at the beginning of the quarter, the Partnership has expanded and diversified its fleet to five FSRUs and added Colombia to the growing list of markets utilizing floating storage and regasification units to participate in the global LNG trade,” said Richard Tyrrell, Chief Executive of Höegh LNG Partners.

“The acquisition enabled the Partnership to declare a 4.2% distribution increase for the first quarter of 2017 compared to the fourth quarter of 2016, representing an annualized cash distribution of $1.72 per unit – an increase of more than 27% since the IPO in mid-2014,” added Tyrrell.