Strong Q3 for Höegh LNG Partners
Bermudian-based Höegh LNG Partners LP, the floating liquefied natural gas service provider, has reported net income of $16.6 million for the third quarter of the year.
That compares with net income of $17.4 million in the prior-year third quarter.
Höegh LNG generated operating income of $18.2 million (Q3 2021: $27.1 million), and limited partners' interest in net income of $12.7 million (Q3 2021: $13.5 million).
Total time charter revenues for the quarter were $36.9 million (Q3 2021: $35.6 million).
The company reported equity in earnings of joint ventures for the third quarter of $2.5 million (Q3 2021: $6.1 million) which includes two 50 per cent owned floating storage regasification units, the Neptune and the Cape Ann.
During the third quarter, the Neptune completed a class renewal which impacted the equity in earnings due to certain expenses incurred which were not reimbursed by the charterer and due to the yard stay exceeding the contractual allowance which resulted in reduced charter hire for the off-hire period.
On November 15, Höegh paid a cash distribution of $0.546875 per 8.75 per cent Series A preferred unit for the period commencing on August 16 to November 14.
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