Höegh LNG Partners net income up

Höegh LNG Partners, a unit of Höegh LNG, reported a net income for the first quarter of $2.4 million, an increase of $4.2 million from a net loss of $1.8 million for the same period in 2014.

The net income (loss) for both periods was impacted by the unrealized gains (losses) on derivative instruments mainly on the Partnership’s share of equity in earnings of joint ventures, the company said in a statement.

“All three FSRUs in the HMLP fleet were on-hire for the entire first quarter. The quarter clearly demonstrates the cash generation from the underlying contracts. The potential pipeline of which was increased yesterday to four additional FSRUs with the announcement by Höegh LNG of a new contract in Chile,” said Richard Tyrrell, CEO and CFO of Höegh LNG Partners.

Höegh LNG Partners posted total time charter revenues of $11.5 million for the first quarter, compared to $29.1 million of construction contract revenues for the first quarter of 2014.

Image: Höegh LNG Partners