Höegh Autoliners Looking to End 2023 on a High Note

Höegh Autoliners, a leading provider of Pure Car and Truck Carriers (PCTCs), is reporting strong volumes, record rates, and high demand for deep sea PCTC shipping services heading into the final two months of 2023.

The company transported a total of 1.4 million cubic meters (CBM) of cargo on a prorated basis in October, bringing its three-month volume (August – October) to 3.9 million CBM.

The average prorated gross freight rate in October 2023 reached USD $96.5 per CBM, a 6.6% increase compared to the average gross rate in the third quarter of 2023. Similarly, the average prorated net freight rate for October was $84.5 per CBM, representing a 7.6% increase compared to the average net rate in the previous quarter.

Höegh Autoliners also reported a strong market for HH/BB (High and Heavy/Breakbulk) cargo a 25% share of the total prorated volumes carried in October. Over the last three months, the company’s HH/BB share remained consistent at 26%.

“Fourth quarter has started very well for Höegh Autoliners with good volumes and record high rates reported for October,” said CEO Andreas Enger. “The general freight market remains tight and is characterized by high demand for deep sea PCTC transportation services. Utilization is high and we continue to fill our vessels with a good combination of contract cargo and spot cargo resulting in another increase in net and gross rates. Port delays and congestions have eased somewhat giving better productivity and higher volumes transported than in August and September.”

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