FSRU and LNGC owner, Höegh LNG Holdings has reported a net profit of $2.9 mill for the second quarter of this year.
EBITDA came in at $57.7 mill.
The company reported stable operations, despite the challenging circumstances caused by Covid-19.
Its cost saving initiatives were going according to plan, Höegh claimed and during the quarter, the company completed the amendment, extension and $45 mill increase of the FSRU ‘Independence’s’ debt facility.
In addition, the HLNG 02 bond loan was repaid in June.
Höegh’s cash position improved to $151.9 million in 2Q20 as a result of increased cash from operating activities, the net effect of new financing and a partial reversal of cash collateral posted for certain hedging instruments in the previous quarter
President and CEO of Höegh LNG Sveinung JS Støhle commented: “I am pleased to report that Höegh LNG delivers a quarter with stable operations and improved results despite the challenging circumstances created by the Covid-19 pandemic.
“Thanks to the continued solid efforts of our seafarers and people on shore all FSRUs and LNGCs are fully operational and on charter to the satisfaction of our customers.
“In stark contrast to the oil markets, demand for LNG has proven to be surprisingly resilient with the market up 6.5% in 1H20 and with spot LNG now priced below coal, the FSRU market is very active,” he said.
