Hoegh LNG Partners HMLP shares fell 55.8% to $7.90 Tuesday afternoon after the partnership announced it cut its quarterly distribution from $0.44 to $0.01 per unit.
The partnership said it 'needs to conserve its internally generated cash flows to resolve issues related to the ongoing refinancing of the PGN FSRU Lampung credit facility' and said it expects to use its cash flow to reduce debt levels and strengthen its balance sheet.
Hoegh LNG Partners focuses on owning, operating, and acquiring floating storage and regasification units (FSRUs), liquefied natural gas (LNG) carriers, and other LNG infrastructure assets under long-term charters.
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