Höegh LNG Partners see rise in Q4 profit
Höegh LNG Partners, the Bermuda-based limited partnership formed by Norway’s floating giant Höegh LNG, reported a $25.4 million net income for the fourth quarter of 2017.
This compares to a $24.9 million net income recorded in the three months ending December 31, 2016.
In its latest quarterly report, the partnership noted the net income for the periods were impacted by unrealized gains on derivative instruments mainly on its share of equity in earnings (losses) of joint ventures. The increase, however, is mainly due to the inclusion of the Höegh Grace entities from January 1, 2017.
The partnership’s total time charter revenues reached $37.6 million for the fourth quarter of 2017, compared to $23.3 million of time charter revenues for the fourth quarter of 2016.
Speaking of the results, Richard Tyrrell, chief executive officer and chief financial officer said, “We were active throughout the quarter, diversifying our access to growth capital through a $115 million preferred offering on attractive terms, while also expanding our fleet with the acquisition of the remaining 49 percent interest in the Höegh Grace.”
He added that the acquisition contributed to the Partnership recording its highest ever distributable cash flow and increased Höegh LNG Partners’ asset base to three fully owned FSRUs and two joint venture owned FSRUs which represents a doubling in size since IPO. The average remaining contract term on our FSRUs is 11.5 years, with full contracted coverage on the entire fleet through at least 2025.