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Höegh LNG Partners LP (NYSE: HMLP) announced the voluntary delisting of its 8.75% Series A Cumulative Redeemable Preferred Units. The Board approved this move to reduce costs associated with maintaining its NYSE listing and filing periodic reports with the SEC. A Form 25 will be filed on December 23, 2022, with delisting effective January 2, 2023. The decision aims to streamline operations and management time, as there are no plans for listing these units on another exchange. The rights of Preferred Unit holders will remain unaffected, and financial statements will continue to be available on their website.
Höegh LNG Partners LP (NYSE: HMLP-PA) reported a Q3 2022 net income of $16.6 million, down from $17.4 million in Q3 2021. Operating income also declined to $18.2 million from $27.1 million a year earlier, impacted by increased operating and administrative expenses. Total time charter revenues rose to $36.9 million, compared to $35.6 million in Q3 2021. The Partnership's equity in earnings from joint ventures decreased significantly, reflecting maintenance costs for the Neptune. Höegh LNG acquired all common units of the Partnership, resulting in delisting from NYSE. Cash distribution of $0.546875 per Series A preferred unit was paid on November 15, 2022.
Höegh LNG Partners LP (NYSE: HMLP.PRA) announced the resignation of Mr. John V. Veech as Chairman and director of the Board, effective November 8, 2022. Mr. Veech expressed gratitude for his tenure, highlighting the valuable relationships forged during his time. The Partnership will now initiate the process to select a successor. Mr. Håvard Furu, CEO and CFO, acknowledged Mr. Veech's contributions, emphasizing the exciting developments within the LNG market.
Höegh LNG Partners LP has announced a cash distribution of $0.546875 per 8.75% Series A preferred unit, payable on November 15, 2022. This distribution will benefit all preferred unitholders of record by the close of business on November 8, 2022. The announcement reflects Höegh LNG's continued commitment to its investors, providing a return on investment amidst various market challenges. It’s important to note that this press release contains forward-looking statements, with potential risks outlined in filings available at www.sec.gov.
Höegh LNG Partners LP (NYSE: HMLP) has completed its acquisition by Höegh LNG Holdings Ltd. Under this deal, each outstanding Common Unit, not already owned by Höegh LNG, converts to $9.25 in cash. The purchase leads to a suspension of trading for the Common Units on the NYSE starting September 26, 2022. Additionally, the Partnership will deregister its Common Units and suspend reporting obligations under the Exchange Act, while Series A Preferred Units will still be active.
Höegh LNG Partners LP (NYSE: HMLP) announced that its common unitholders voted in favor of the Merger Agreement with Höegh LNG, Hoegh LNG Merger Sub LLC, and Höegh LNG GP LLC during a special meeting held on September 20, 2022. The agreement, dated May 25, 2022, involves Höegh LNG acquiring all outstanding common units of the Partnership for $9.25 per unit in cash. The Merger is anticipated to close around September 23, 2022, pending any unforeseen issues.
TortoiseEcofin announced that Hoegh LNG Partners LP (HMLP) will be removed from the Tortoise MLP Index following its merger with Hoegh LNG Holdings Ltd. This removal will occur at market open on September 26, 2022, without special rebalancing. Special rebalancings in the index address corporate actions like mergers when a constituent's weight exceeds 7.5%. The Tortoise MLP Index reflects publicly traded limited partnerships engaged in energy production and transportation.
Höegh LNG Partners LP (HMLP) has announced the anticipated closing date for its merger with Höegh LNG Holdings Ltd. The merger, based on the agreement dated May 25, 2022, is expected to close on or about September 23, 2022, pending approval from a majority of the Partnership's common units and other customary conditions. Once finalized, all common units will be owned by Höegh LNG, leading to their delisting from the NYSE and deregistration under the Securities Exchange Act of 1934. Investors are advised to consider risks associated with this merger.
Höegh LNG Partners LP (NYSE: HMLP) reported financial results for Q2 2022, highlighting a total time charter revenue of $36.9 million, up from $34.7 million in Q2 2021. Operating income was $22.3 million, with a net income of $13.1 million compared to $2.6 million in the previous year. The Partnership's FSRUs maintained 100% availability. A merger agreement with Höegh LNG at $9.25 per common unit was approved, with a special meeting scheduled for September 20, 2022. Despite the solid performance, total operating expenses increased to $19.2 million from $13.9 million.
Höegh LNG Partners LP (NYSE: HMLP) will release its second quarter 2022 results on August 24, 2022, before market opening. A presentation is scheduled for 8:30 A.M. (EST) on the same day, followed by a Q&A session. Interested investors can access the presentation and materials for download at www.hoeghlngpartners.com. For those unable to attend, a replay will be available until August 31, 2022. Details for joining the presentation via webcast and teleconference are included in the release.
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