Hoegh Autoliners volumes down by 4%, net rate up 1% in Q3 2022
Hoegh Autoliners ASA reported solid financial results for the third quarter: Operating profit (EBITDA) of USD 114 million (up 15% Q-o-Q), net profit after tax of USD 92 million (up 73% Q-o-Q), according to the company's release.
Volumes decreased 0.2 million CBM (down 4% Q-o-Q) while the net rate increased to a new high level of $62.5 per CBM (up 1% Q-o-Q). The slight decrease in volumes was mainly due to capped capacity following the sale of two non-core vessels, while net rate improvement was a result of a good cargo mix and continuous repricing in several markets.
During the third quarter of 2022, the Company received a Gold Medal rating from EcoVadis – the world’s largest provider of business sustainability ratings. Hoegh Autoliners simultaneously joined the First Movers Coalition, committed to running at least 5 % of deep-sea operations on either green ammonia or green methanol by 2030.
The sale of two non-core vessels Hoegh Maputo and Hoegh Singapore concluded during the third quarter, resulting in a profit-sharing gain of USD 21 million. The company also took decisive action to limit the exposure to the expensive charterhire market by exercising the purchase option for Hoegh Tracer at a price well below the current market values.
Hoegh 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. Hoegh Autoliners has its head office in Oslo, Norway and employs around 375 people in its 16 offices worldwide and around 1 250 seafarers.
