Hoegh LNG profit soars in fourth quarter

Hoegh-LNG-Partners

Höegh LNG Partners 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 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.

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.”

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