Höegh LNG Partners posts Q1 loss despite record regas volumes
Höegh LNG Partners on Tuesday reported a first quarter 2016 net loss of US$1 million, compared to a $2.6 million profit in the same quarter the previous year.
The company said in its report that the net loss for the quarter was impacted by the unrealized losses on derivative instruments mainly on the Partnership’s share of equity in earnings of joint ventures.
“Excluding all unrealized losses on derivative instruments, net income for the three months ended March 31, 2016, was $7.6 million, an increase of $1.2 million or 18.8 percent from $6.4 million for the three months ended March 31, 2015,” Höegh LNG Partners said.
Richard Tyrrell, CEO and CFO of Höegh LNG Partners said the company achieved record regasification volumes despite fewer operating days in the first quarter and scheduled 15-day maintenance of the Höegh Gallant.
The inclusion of the FSRU Höegh Gallant resulted in total time charter revenues of $21.7 million for the first quarter of 2016 compared to $11.5 million of time charter revenue for the first quarter of 2015.
Tyrrell added that the Partnership’s long-term contracts have a fixed rate and an average remaining term of 14 years.
LNG World News Staff