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Höegh LNG reports ‘stable operations’ in latest results

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LNG Industry,

Höegh LNG Holdings Ltd has reported its financial results for the quarter and half year ended 30 June 2020.

Highlights for 2Q20

  • EBITDA of US$57.7 million.
  • Net profit US$2.9 million.
  • Stable operations despite challenging circumstances caused by Covid-19.
  • Cost-savings progressing in accordance with plan.
  • Completed the amendment, extension, and US$45 million upsizing of Independence’s debt facility.
  • HLNG 02 bond loan repaid in June.
  • Cash position improved to US$151.9 million as a result of increased cash from operating activities, the net effect of new financing and a partial reversal of cash collateral posted for certain hedging instruments in 1Q20.

CEO comments

Sveinung J.S. Støhle, the President and CEO of Höegh LNG, commented:

“I am pleased to report that Höegh LNG delivers a quarter with stable operations and improved results despite the challenging circumstances created by the Covid-19 pandemic. Thanks to the continued solid efforts of our seafarers and people on shore all FSRUs and LNGCs are fully operational and on charter to the satisfaction of our customers. In stark contrast to the oil markets, demand for LNG has proven to be surprisingly resilient with the market up 6.5% in [1H20] and with spot LNG now priced below coal the FSRU market is very active.”

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