Bermudian-based Hoegh LNG Partners LP reported a fivefold increase in net income during the second quarter of the year compared with the prior year period.

The floating liquefied natural gas service provider reported net income of $13.1 million compared with net income of $2.6 million in the same quarter in 2021.

Operating income was $22.3 million compared with $24.1 million in the prior year quarter, while limited partners’ interest in net income was $9.2 million compared with a net loss of $1.2 million in the same quarter in 2021.

Operating income, net income and limited partners' interest in net income (loss) were impacted by unrealised gains on derivative instruments for the second quarter of 2022 and 2021, mainly on the partnership's share of equity in earnings of joint ventures.

Hoegh reported total time charter revenues of $36.9 million for the second quarter compared to $34.7 million for the second quarter of 2021.

The partnership reported 100 per cent availability of floating storage and regasification units (FSRUs) for the second quarter.

Hoegh said: “The partnership has mitigated the risk of an outbreak of Covid- 19 on board its vessels by extending time between crew rotations on the vessels and developing mitigating actions for crew rotations.

“The partnership has fulfilled its obligations under its time charter contracts, and did not experience any off-hire for its FSRUs for the three months ended June 30, 2022.”

Total operating expenses for the three months ended June 30 were $19.2 million, an increase of $5.3 million from $13.9 million for the three months ended June 30, 2021.

The increase is principally due to higher vessel operating expenses and administrative expenses.