Höegh Autoliners ASA reported the strongest quarterly financial results ever for the last quarter of 2022 with Operating profit (EBITDA) of USD 156 million (up 37% Q-o-Q), net profit after tax of USD 118 million (up 28% Q-o-Q).
The volume development was flat while the net rate increased to a new high level of USD 68.3 per CBM (up 9% Q-o-Q). Net rate improvement was a result of continuous repricing of contract volumes and a strong spot market.
During the fourth quarter of 2022, the company declared a purchase option for two vessels currently on bareboat charter: Höegh Trapper and Höegh St. Petersburg for USD 53.2 million and USD 29.7 million respectively. Ownership of Höegh St. Petersburg was transferred in December 2022, and the company expects to take delivery of Höegh Trapper during the second quarter of 2023. Höegh Autoliners also successfully raised USD 130 million at favourable terms to finance the purchase option of the two abovementioned vessels and Höegh Tracer.
The Board of Directors has approved a cash dividend of USD 44 million (USD 0.231 per share) for the fourth quarter of 2022, representing an increase of 120% from Q3 dividend of USD 20 million. The dividend represents 40% of net profit after tax is adjusted for extraordinary items. Detailed information about the dividend payment will follow in a separate stock exchange notice.
Höegh Autoliners expects the general market for transportation of cars and HH/BB to be strong in 2023. Very few newbuilds will be delivered and the general expectation is that deep-sea transport volumes will increase compared to 2022.