Höegh LNG Holdings reported an EBITDA of $75m for the second quarter of 2024, down from $79m in the preceding quarter.
For the first half of 2024, the company reported total income of $258.8m and EBITDA of $153.9m, which compares with $264.2m and $170.6m respectively for the same period of 2023.
The quarterly EBITDA drop was primarily attributed to positioning and project cost for Hoegh Galleon before starting operations in Egypt – it completed commissioning in June – as well as lower income from Hoegh Gandria.
In the second quarter, Hoegh Giant completed its commissioning for FSRU operations in Brazil. Furthermore, Höegh LNG and AIE announced an interim FSRU deployment of Hoegh Galleon with EGAS in Egypt for a period of about 20 months, after which the FSRU is expected to be deployed to AIE’s LNG terminal currently under construction at Port Kembla, Australia.
Höegh LNG continues to develop its clean energy business. In June, Höegh LNG and Deutsche ReGas signed an MOU to develop a floating hydrogen import terminal in the German port of Lubmin. The terminal will be the world’s first floating green ammonia cracker, producing around 30,000 tonnes of hydrogen per year.
Business development activity remains focused on ammonia, hydrogen and CCS developments in Europe, incorporating Höegh LNG’s Hybrid FSRU concept, floating ammonia-to-hydrogen terminals and floating CCS value chain.
Over the course of 2024, four FSRUs are expected to be installed in Europe and another three units elsewhere. Import terminal opportunities are under development based on its LNG’s floating concepts.
Höegh LNG is also participating in a development project for an industrial-scale ammonia cracker. The equipment for the pilot plant is purchased and construction of the plant is planned completed end 2024.
The project aims to reduce cost related to cracking of ammonia to hydrogen and the company claims it is the only concept under development that can be installed and operated onboard floating terminals.
Höegh LNG has a strategic partnership with Aker BP to develop a fully comprehensive carbon transport and storage offering for industrial CO2 emitters in Northern Europe.
The joint concept development and marketing activities for the value chain and sequestration of CO2 in Aker BP’s first CO2 storage license on the NCS, Poseidon, is progressing.
Read more on LNG in the September issue of gasworld global
