Hoegh Lng Partners Lp

What Hoegh Lng Partners Lp does

Höegh LNG Partners LP is a Bermuda-domiciled limited partnership that owns and operates a fleet of five Floating Storage and Regasification Units (FSRUs) — specialized vessels that receive, store, and regasify liquefied natural gas for delivery into pipeline systems or directly to offtakers. The fleet comprises the Höegh Gallant (100% owned), PGN FSRU Lampung (49% owned, 100% consolidated), Cape Ann and Neptune (each 50% held through joint ventures with MOL and Tokyo LNG Tanker Co. Ltd.), and the Höegh Grace (100% owned), with storage capacities of 145,000–170,000 cbm and maximum regasification send-out capacities of 360–750 mmscf/d. The partnership was formed in 2014 by Höegh LNG Holdings Ltd. (now Höegh Evi Ltd.) to own FSRUs and LNG infrastructure assets under long-term charter arrangements with major energy companies and utilities.

The partnership generates revenue through time charter contracts with durations of five or more years, alongside equity-method earnings from its 50% interests in the Cape Ann and Neptune joint ventures. Counterparties are predominantly investment-grade energy companies and utilities, with New Fortress Energy on a 10-year Höegh Gallant charter and PGN (Pertagas) on the Lampung FSRU charter (subject to ongoing arbitration) among the named customers. Höegh LNG acquired all publicly held common units in September 2022 for approximately $167.6 million, taking the partnership private while the 8.75% Series A Cumulative Redeemable Preferred Units remained outstanding until their voluntary NYSE delisting in January 2023 and subsequent cash tender offer announced in September 2025. The most recent disclosed results show Q1 2026 revenue of $41.1 million and net income of $19.3 million, with quarterly net free cash flow of approximately $21.5 million.

Name

Hoegh Lng Partners Lp

Legal name

Höegh LNG Partners LP

Website

https://hoeghlngpartners.com

Company type

Private

Founded year

2014

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Höegh LNG Partners LP is a private limited partnership operating a fleet of five FSRUs under long-term charters with major energy companies and utilities, generating recurring time-charter revenue and joint-venture equity earnings from floating LNG import infrastructure globally.

Ownership category

akta.pro rank

Product category

Floating LNG Regasification Services

NAICS

Natural Gas Distribution (22121)

SIC

Natural Gas Transmisison & Distribution (4923), Natural Gas Transmission (4922)

akta.pro primary industry

LNG Regasification Terminals (Onshore & FSRU) (EUALAFAB)

akta.pro secondary industries

LNG Midstream Services & Logistics (Reloading, Transshipment, Breakbulk) (EUALAFAG), LNG Import/Export Terminals (Liquefied Natural Gas) (TLAHABAL), LNG Carrier Operators (TLADABAF)

Keywords

• Floating LNG services
• FSRU charter services
• LNG regasification operations
• Floating LNG import terminals
• LNG infrastructure leasing

Headquarters

HQ city

Hamilton

HQ country

Bermuda

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Supply Chain, Others

Revenue model

1. Time Charter Revenues: Höegh LNG Partners generates revenue primarily through time charter contracts for its FSRUs and LNG carriers. These are long-term charters (five or more years) with major energy companies and utilities. Revenues are earned regardless of vessel utilization, providing stable cash flows. The company reported $41.1M in revenue for Q1 2026 and $35.3M for Q1 2022.
2. Joint Venture Distributions: The company holds 50% interests in joint ventures that own the Neptune and Cape Ann FSRUs. Revenue is earned through equity method accounting, with the partnership's share of joint venture earnings included in consolidated results. Joint venture equity in earnings was $8.6M for Q1 2022 and $2.5M for Q3 2022.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Höegh LNG Partners LP owns and operates a fleet of five Floating Storage and Regasification Units (FSRUs) that provide floating LNG import terminal services under long-term (5+ year) time charter contracts to major energy companies and utilities. The FSRUs store and regasify LNG for delivery to pipelines, enabling customers to access flexible LNG infrastructure without the capital and permitting burden of land-based terminals. The fleet includes Höegh Gallant and Höegh Grace (100% owned), PGN FSRU Lampung (49% owned, 100% consolidated), and Neptune and Cape Ann (50% joint venture interests).

Product overview

Höegh LNG Partners LP is a limited partnership (MLP) that operates a fleet of Floating Storage and Regasification Units (FSRUs) providing LNG import services under long-term charters (5+ years). The company owns and operates five FSRUs: Höegh Gallant (100% owned), PGN FSRU Lampung (49% owned, 100% consolidated), Cape Ann and Neptune (both 50% joint venture interests), and Höegh Grace (majority held). These FSRUs function as floating LNG import terminals with storage capacities ranging from 145,000 to 170,000 cbm and send-out capacities from 360 to 750 mmscf/d. The fleet operates under charters with major energy companies and utilities, with Höegh Evi Ltd. (parent company) owning all common units following the 2022 merger.

Differentiator

Problem solved

Functional benefit

Products and services

• Höegh Gallant FSRU Floating Storage and Regasification Unit (FSRU) with 100% HMLP ownership, 170,000 cbm LNG storage capacity, and a maximum regasification send-out capacity of 500 mmscf/d. Operating under a 10-year charter with New Fortress Energy Inc. commencing March 2022.
• PGN FSRU Lampung Floating Storage and Regasification Unit (FSRU) with 49% HMLP ownership (100% consolidated), 170,000 cbm LNG storage capacity, and 360 mmscf/d maximum send-out capacity. Operates under a lease and maintenance agreement with PGN (Pertagas) in Indonesia (subject to ongoing arbitration).
• Cape Ann FSRU (joint venture) Joint venture FSRU with 50% HMLP, 48.5% MOL, and 1.5% Tokyo LNG Tanker Co. Ltd ownership, providing 145,000 cbm LNG storage capacity and a maximum send-out capacity of 750 mmscf/d. Operated under a long-term time charter.
• Neptune FSRU (joint venture) Joint venture FSRU with 50% HMLP, 48.5% MOL, and 1.5% Tokyo LNG Tanker Co. Ltd ownership, providing 145,000 cbm LNG storage capacity and a maximum send-out capacity of 750 mmscf/d. Operated under a long-term time charter.
• Höegh Grace FSRU Floating Storage and Regasification Unit (FSRU) with 170,000 cbm LNG storage capacity and 500 mmscf/d maximum send-out capacity for regasified LNG. HMLP acquired 51% of this FSRU in January 2017 (closing) and the remaining 49% interest in November 2017, giving it full ownership. Operated under long-term charter.
• FSRU Fleet Long-Term Charter Services Long-term (5+ year) charter services for the FSRU fleet (Höegh Gallant, PGN FSRU Lampung, Cape Ann, Neptune, Höegh Grace) provided to major energy companies and utilities, delivering floating LNG import terminal capabilities under investment-grade counterparty contracts.

Quantifiable outcome

• 100% vessel availability for Q1 2022
• +1 more outcomes

Named customers3 records

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Four partnerships are on record, tiered core and flagship.

• New Fortress Energy Inc.coreStrategic or Co-development Partner · 23 September 2022New Fortress Energy Inc. (NFE) chartered the Höegh Gallant for a 10-year FSRU contract commencing March 20, 2022. Prior to FSRU operations commencing, NFE chartered the vessel for LNG carrier operations from November 2021. The charter rate under the NFE Charter is lower than the prior Suspended Gallant Charter, with Höegh LNG compensating the partnership for the difference through July 2025 under the Make-Whole Agreement.
• Höegh Evi Ltd. (formerly Höegh LNG Holdings Ltd.)flagshipStrategic or Co-development PartnerHöegh Evi Ltd. is the parent company and sponsor of Höegh LNG Partners LP. It owns 100% of the common units following the September 2022 merger. The partnership benefits from Höegh Evi's 40-year track record in LNG operations, providing access to long-standing relationships with major energy companies, utilities, shipbuilders, and financing sources. Höegh Evi has indemnified the partnership for joint ventures' boil-off settlement and provides the Suspension and Make-Whole Agreements.
• MOL (Mitsui O.S.K. Lines)coreStrategic or Co-development PartnerMOL holds 48.5% ownership in the joint ventures that own the Neptune and Cape Ann FSRUs. HMLP holds the remaining 50% with Tokyo LNG Tanker Co. Ltd holding 1.5%. The joint ventures operate the vessels under long-term time charters.
• Tokyo LNG Tanker Co. LtdcoreStrategic or Co-development PartnerTokyo LNG Tanker Co. Ltd holds 1.5% ownership in the joint ventures that own the Neptune and Cape Ann FSRUs alongside HMLP (50%) and MOL (48.5%).

Scale indicators5 records

Recent moves9 records

Expansion highlights4 records

Broad incumbents

• TotalEnergies: Integrated energy major with growing LNG portfolio across liquefaction, shipping and regasification. Comparable as a broad incumbent in the global LNG infrastructure space where FSRUs play a role.
• Shell plc: Integrated energy major with significant LNG portfolio spanning liquefaction, carriers and regasification terminals. Comparable as a broad incumbent operating across the LNG value chain including FSRU demand.

Others

• Mitsui O.S.K. Lines (MOL): Joint venture partner with 48.5% interest in Cape Ann and Neptune FSRUs alongside HMLP. Comparable as a major LNG carrier/FSRU investor and one of the largest diversified shipping groups with LNG exposure.

Emerging players

• New Fortress Energy: Charterer of the Höegh Gallant under a 10-year FSRU contract and an emerging integrated LNG infrastructure developer. Comparable because it both consumes and supplies FSRU-type infrastructure in emerging LNG markets.

Direct peers

• Cool Company (CoolCo): Owns and charters a fleet of modern LNG carriers under long-term time charter agreements. Comparable business model with similar customer profile and contracted cash flow characteristics.
• Excelerate Energy: One of the largest dedicated FSRU operators globally, owning and operating multiple FSRUs under long-term charters. Directly competes with Höegh LNG Partners in floating regasification services.
• Golar LNG: FLNG and FSRU operator with a global fleet of LNG carriers and floating infrastructure. Competes with Höegh LNG Partners in floating LNG midstream solutions and chartered regasification capacity.
• BW LNG: Part of the BW Group; operates a fleet of LNG carriers and FSRUs under long-term charters. Comparable business model focused on floating LNG transport and regasification services.
• Höegh Evi Ltd (formerly Höegh LNG Holdings): Parent company and sponsor of Höegh LNG Partners LP; operates the broader FSRU and LNG carrier fleet globally. Directly comparable FSRU operator with shared management, technology and counterparty relationships.
• Flex LNG: Operator of a fleet of modern LNG carriers chartered under multi-year contracts. Closely comparable long-term charter revenue model and customer base to Höegh LNG Partners' FSRU business.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Hoegh Lng Partners Lp