Weak Q3 for Hoegh LNG

Norway’s Hoegh LNG reported November 18 that both its time-charter revenues and operating income for the third quarter fell from a year ago.

The company reported that total revenues declined during the first quarter by 5% from the same period last year, time-charter revenues of $34.7mn for Q2 2021 were a fraction higher than Q2 2020 levels, though general operating income during the period was 13% below the same time last year.

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For the third quarter, the company reported total time-charter revenues of $35.6mn, about $300,000 less than the same period last year. General operating income of $27.1mn was $1.1mn lower than Q3 2020.

As with the second quarter, the company is working to refinance one of its floating storage and regasification unit, Lampung.

Sveinung J.S. Stohle stepped down as CEO on November 1. The board of directors is looking for a successor while CFO Havard Furu serves in an interim capacity.