The quarter's loss brings the year to date loss at the company to $16.9m.
Depreciation of the LNG carrier LNG Libra led the vessel to lose $2m in the third quarter, compared to a $2.7m profit in the same period of 2012. The vessel's operating profit before depreciation was $2m for the quarter, down from $4.9m in Q3 2012. The company is now "considering a sale of the vessel and is optimistic that a transaction will be achieved."
The company's result was also affected by the costs associated with setting up a master limited partnership (MLP) in the US.
Since 30 September, LNG carrier Norman Lady was redelivered to the company after completing a 14 year charter, and was subsequently sold for recycling; a $2.3m gain will be recorded in Q4 for the 1973-built vessel. A 13-month charter extension was also secured after the reporting period for the LNG Libra, adding EBITDA of $8.7m for Höegh.
"The long-term demand for LNG is expected to remain strong. Höegh LNG sees continued growth in the FSRU market, which remains the company's main focus.
"The company holds very attractive competitive position with its June 2014 and March 2015 FSRU deliveries. The longer-term LNG transportation market looks promising with significant new LNG production capacity scheduled to come on stream within the next few years," the company stated in its outlook.
The group has $939m of outstanding obligations at Hyundai Heavy Industries for four FSRUs under construction, payable through to April 2015. Steel cutting for the fourth unit began on 11 November.
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