Stock photo via Pixabay
Höegh Autoliners reported record financial performance in Q2 2024 with gross revenue of US $341 million and net profit of $174 million.
Höegh Autoliners is a leading global provider of RoRo (Roll On Roll Off) transportation services, delivering cars, high and heavy machinery, and breakbulk cargoes worldwide. The company operates around 40 RoRo vessels and employs approximately 1,170 seafarers.
The company reported a 3% decrease in the gross freight rate during the quarter to USD 96.3 per cbm.
Other highlights included the sale of Höegh Kobe for $59 million in anticipation of the delivery of its first Aurora-class vessel, securing NOK 255 million in Enova funding for Auroras, and signing a 5-year contract with a major car producer. The company also paid a Q1 2024 dividend of $109 million in May 2024 and declared a $127 million dividend to be paid in August 2024.
“Höegh Autoliners continued to deliver solid results for the second quarter of 2024. While volume slowly rebounded from the Red Sea rerouting issue, rates remained high due to successful contract renewals,” CEO Andreas Enger said.
Looking ahead, the company said it does not anticipate significant market changes for the remainder of 2024. “Supply side remains tight despite more newbuilds coming into operation. Geopolitical and macro events create uncertainty related to the demand side, but we do not expect any major impact on cargo access for the rest of the year. There will be volatility in monthly volumes and rates depending on cargo mix and vessels positions, but we expect Q3 to be another strong quarter with results more or less in line with Q2.”
A trade update issued last week from the company also revealed that in July 2024 its fleet transported 1.2 million cbm of cargo, with a total of 3.6 million cbm over the last three months. The average prorated gross freight rate in July was $100.3 per cbm, a 4.1% increase from Q2 2024, while the net freight rate was $87.2 per cbm, a 4.8% increase.
Enger noted that the third quarter began well with record gross and net rates, and while volumes were higher in July compared to June, they aligned with the current trend. “The general market remains strong with some fluctuations in monthly rates and volumes depending on trade and cargo mix as well as vessel positions,” he said.
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