Höegh LNG Partners LP reported a net loss of US$1 million for the first quarter of 2016 on Tuesday.
"During the first quarter of 2016, Höegh LNG Partners achieved record LNG regas volumes, which underscores the strategic and economic benefits of our floating LNG terminals,” said chief executive officer and chief financial officer, Richard Tyrrell. “Taking into consideration the scheduled maintenance on the Höegh Gallant and fewer operating days in the first quarter, we generated consistent financial performance compared to the previous quarter. The partnership's stable cash flows are generated by long-term contracts that are fixed rate and have an average remaining term of 14 years.”
Höegh LNG Partners is not the only service provider to suffer a loss in the first quarter of 2016, with CMA CGM reporting a US$100-million loss and Zim Integrated Shipping Services recording a US$56-million net loss.