Höegh LNG sees profit increase in 4Q2018

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Höegh LNG reported a $45 million net profit for the fourth quarter of the year 2018. The company noted the profit rose from $6 million in the previous quarter and $20 million in the quarter ending December 31, 2017.

The company added in its report that the total income reached $122 million for the quarter under review, which compares to $82.3 million in the previous quarter.

“The number of FSRU contract awards rose in line with strong growth in LNG consumption, the sanctioning of additional liquefaction capacity and an increase in shipping rates,” a company statement reads.

The company said it made progress with the conditional long-term contract with AGL for the Crib Point FSRU project in Australia, installed the Höegh Esperanza as China’s sole FSRU, and is reaching the final rounds in several ongoing tender processes.

For the full year ended 2018, Höegh LNG reported $352.7 million in total revenues, compared with $279.4 million for the previous year.

Net profit for the year rose to $72 million from $40.1 million in 2017.

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