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Hoëgh LNG on course despite losses

Net profit at floating LNG specialists Hoëgh LNG fell to a loss of $7.9m but its FSRU new builds remained on track.

The $7.9m result is down on Q1 2012's $5.8m loss and the previous quarter's 11.1m profit, although the fourth quarter 2012 was bolstered by a $10m gain from disposal of assets.

Income at the company stood at $29.5m, an increase from $27.7m in the same period 2012, but down on the $37.6m reported in the previous quarter due to reduced income and off hire costs for LNG Libra, which contributed $6.2m of EBITDA in Q4 2012 but a loss of $300,000 in Q1 2013.

Hoëgh's $1.2bn FSRU newbuilding programme continues to run on budget and on schedule. Three of the units will be delivered in 2014 and the fourth, the only vessel without a charter as yet, will be delivered in 2015.

"The longer term prospects, the way we view it and the market we focus on, remain very strong with the same underlying growth we have seen so far," commented Svelo Sterle, ceo Hoëgh LNG.

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