Höegh Autoliners reported solid financial results for the second quarter of 2022.
Operating profit (EBITDA) of USD 99 million (up 27.7% Q-o-Q), net profit of USD 53 million (up 49.2% Q-o-Q). Dividend of USD 15 million scheduled to be paid in September 2022.
Volumes grew 0.3 million CBM (up 7.3% Q-o-Q) while net rate increasing to a new high level of $61.9 per CBM (up 8.4% Q-o-Q). The growth in volumes was mainly due to increased utilisation, while net rate improvement was a result of optimal cargo mix and continuous repricing in several markets.
The company concluded the refinancing of the fleet mortgage debt in June 2022 with significantly improved terms. Reduced amortisation profile, lessened interest cost, extended maturity and fewer vessels pledged allows for further financial flexibility for the company.
In May 2022, the company signed contracts with China Merchants Heavy Industry (Jiangsu) Co., Ltd. (CMHI) to build another four multi-fuel and zero carbon ready 9 100 CEU Aurora class vessels, taking the total newbuild program to 8 vessels. The company has committed external financing for all eight vessels at favourable market terms. Delivery of Aurora class vessels will start from the second half of 2024.
Höegh Autoliners’ shares were uplisted to the Oslo Stock Exchange’s main market in May 2022. The uplisting will expand Höegh Autoliners’ exposure and possibilities to enhance the liquidity of the stock.
Höegh Autoliners is a leading global provider of RoRo (Roll On Roll Off) transportation services delivering cars, high and heavy and breakbulk cargoes across the world. The company operates around 40 RoRo vessels in global trade systems and makes about 3 000 port calls each year.