Höegh LNG - Terminating coverage

ABGSC terminates coverage of Höegh LNG HOLD is our final recommendation NOK 15 is our final target price

Sector Fast Comment - ABG Shipping Daily

Bank holiday on Monday, no spot rate updates LPG now at ~80% discount to LNG Shipping peer group now at a P/NAV of 0.8x

Sector Fast Comment - Marine Money takeaways

Overall bullish mood despite recession fears Container scepticism and tanker optimism Generalist investors still not that interested in shipping

Höegh LNG Holdings (No_rec, TP: NOK) - Discontinuing coverage

We have discontinued coverage of Höegh LNG Holdings. We withdrew our target price and recommendation on the stock on 8 March following the bid for all its outstanding shares; our estimates should no longer be relied upon.

Sector Fast Comment - Shipping Decarbonised: Carbon pricing is coming

Propulsion uncertainty remains as world sets bold carbon goals The IMO needs to up its game Carbon price the cargo, not the shipowner

Sector Fast Comment - Ageing like wine – Vintage Vs topping the menu

DHT sells three 2004-built VLCCs for USD ~28.5m per vessel Older vessels attractive due to lower obsolescence risk Dual-fuel popularity to increase as regulatory pressure mounts

DNB Markets Shipping Conference: Decarbonisation takes centre stage

DNB’s 14th annual Energy & Shipping Conference culminated in yesterday’s shipping day. The main theme was decarbonisation of shipping, and its market impact today. Attendees included representatives from IMO and Trafigura, along with several shipping companies taking action towards ambitious decarbonisation targets. Also, the crude tanker and LPG panels both proved rather optimistic despite recent market lows.

Sector Fast Comment - EU moves towards pricing import emissions

EU Parliament supports carbon border adjustment Shipping emissions to come under increased scrutiny High carbon costs to support uptake of carbon-neutral fuels

Höegh LNG - Going private

Main shareholder teams up with MSIP Offering NOK 23.5 per share When public markets get fatigued, private money steps in

Höegh LNG Holdings (No_rec, TP: NOK) - NOK23.50/share offer

Höegh LNG (HLNG) has received a recommended offer for its outstanding shares at NOK23.50/share; the parties expect the transaction to close in H1, subject to approval of at least two-thirds of HLNG’s shareholders. The offer is a 36% premium to the last close, and above the trading range since the outbreak of Covid-19. Given DNB Markets’ role as financial advisor in the offer, we have withdrawn our recommendation and target price.

Höegh LNG Holdings (Hold, TP: NOK20.00) - Preparing for the energy tra...

We make only minor estimate changes following the Q4 results, adjusting costs for Q1e due to the installation of the Giant in India, somewhat offset by lower G&A. As we continue to see a fair risk/reward in the stock, we reiterate our HOLD, but have lifted our target price to NOK20 (19) to reflect a higher valuation for Höegh LNG’s ownership in HMLP.

Höegh LNG - Estabilishing Clean Energy division

New division to focus on hydrogen, ammonia and CCS New LNGC charters – 2021 close to fully covered Q4’20 EBITDA at USD 55m

LNG shiping previews (DNB Markets): Positive underlying trend

LNGC freight rates shot up to record-highs this winter, as cold temperatures in Asia led buyers to chase the few cargoes around. While this was an anomaly, we see it as a sign of a market at or close to balance, reinforcing our view that 2021–2023 will be good years for LNG transport, despite a flurry of newbuild orders set for delivery in 2021. We reiterate our BUYs on the pure LNGC companies and Golar LNG, while we keep our HOLD on Höegh LNG.

HOEGH LONG HOLDINGS reduces its risk exposure and slightly improves to...

The independent financial analyst theScreener just allocated a lower risk rating to HOEGH LONG HOLDINGS (NO), active in the Pipelines industry. As regards its fundamental valuation, the title still shows 3 out of 4 possible stars. Its market behaviour, however, has slightly improved and can be qualified as moderately risky. theScreener considers that these elements merit an overall rating upgrade to Neutral. As of the analysis date February 5, 2021, the closing price was NOK 17.00 and its expect...

Powerpoint Sector Report - Shipping playbook - January 2021

SELL Frontline (TP NOK 40) BUY Flex LNG (TP NOK 91) and Stolt Nilsen (TP NOK 130) HOLD Wallenius Wilhelmsen (TP NOK 20)

Northern Lights

Höegh LNG Holdings (Hold, TP: NOK13.00) - Contracts reduce cash burn

Höegh LNG announced its first firm FSRU contract since 2014, and we deem the prospect of securing more promising. However, contractual earnings are not where they were, leaving uncertainty about liquidity should other promising contract leads prove unfruitful. We reiterate our HOLD and NOK13 target price.

Sector Fast Comment - Shipping Decarbonised: Green Rush begins

Decarbonising shipping: From insurgency to insurrection Shipping’s Green Rush around the corner LNG players moving to Hydrogen, Ammonia, and CCUS

Höegh LNG - Setting its sights on hydrogen

Leveraging its floating infrastructure know-how Lines up 5+5x1-year FSRU contract in India New contracts supportive for the 2022 bond

Talking Points -

Likely lowering of guidance is widely expected Share to be lifted by production - TP to NOK 250 (145)