Hoegh LNG Partners: Loading Up For Acquisitions Amid Gas Surge

Summary

Despite recent weak price action, HMLP has seen stable distributable cash flow (DCF) generation from its high margin, long-term project assets.

HMLP has solid track record on distributions and has room to grow before reaching the highest IDR tier to the GP (Oslo: HLNG).

A proactive position on maturing debt and ample balance sheet capacity has positioned the company to fund another FSRU Dropdown.

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Growth in Global LNG Boosts Carriers

Due to the ever-increasing demand for energy and the desire for lower carbon emissions, the growth in global trade of LNG has continued its upward trend, gaining 13% in 2019, following a showing of 9.8% in 2018.  In all, LNG annual trade has gone from 211 mtpa in 2010 to 355 mtpa at the end of 2019—a total surge of nearly 70%.  Ashland believes LNG is replacing incumbent sources of energy, such as coal and fuel oil.

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