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Höegh LNG reports interim results for 4Q19 and year 2019

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LNG Industry,

Höegh LNG Holdings Ltd. has reported its financial results for the quarter and year ended 31 December 2019.

4Q19 highlights:

  • EBITDA of US$59.8 million.
  • Net profit of US$4.0 million.
  • Dividend of US$0.025 per share paid in 4Q19.

Subsequent events:

  • Dividend of US$0.025 per share declared for 1Q20.
  • Secured a revolving credit facility of US$80 million and a new bond loan of NOK650 million to refinance the HLNG 02 bond maturing in June 2020 and for general corporate purposes.
  • Commercial agreement reached with Total for settling the boil-off claim in line with provisions made in previous periods.
  • HMLP issued new Series A preferred units in January and February under its ATM programme equal to US$2.1 million in net proceeds.
  • On 26 February, HMLP declared the option to lease back Höegh Gallant to Höegh LNG Holdings for approximately five years, effective from expiry of Höegh Gallant’s existing LNG carrier contract in April 2020.

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

“I am pleased to report that Höegh LNG’s results for 4Q19 improved compared to the previous quarter due to solid operating performance across the fleet, seasonal variations in the rate for Höegh Esperanza and Höegh Galleon contributing for a full quarter. The outlook for our industry is optimistic since global LNG trade continues to grow. The competitive LNG price clearly has a positive effect on LNG demand, supporting the demand for additional import facilities, where FSRUs have an advantage due to the short time to market. Looking forward we are obviously concerned with the potential effects of the Coronavirus outbreak, but this has not had any direct effect on [Höegh LNG]’s personnel, operations or revenues.”

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