Euronext-listed Höegh Autoliners (ticker code: HAUTO; see also “Share information“) has signed a five year contract with a “a major international car producer for transport of significant volumes of cars in two of the Company’s core trade lanes,” the company said in an 06 December 2024 statement.
Andreas Enger CEO of Höegh Autoliners commented: “The signing of this long-term contract for substantial volumes both ex. Asia and Ex. Atlantic, in two of our core trade lanes, represents another important milestone in our efforts to build a solid contract backlog and support strategically important customers. Value and volume wise, this contract is the most significant the company has signed in 2024”.
Following the signing of this contract, Höegh Autoliners have over the last two years signed contracts with average annualised volumes of 10.8 million cbm with an average duration of 4.3 years. The average rate for these contracts is more than USD 90 per cbm and remaining average duration of these contracts is 3.5 years. Volumes secured under long-term contracts for 2025 are around 11.7 million cbm.
In November 2024, Höegh transported 1.2 million cbm of cargo on prorated basis, the company reported in another update, also of 06 December 2024. Transported cargo in the three months (September – November 2024) was 3.4 million cbm. Average prorated net freight rate in November 2024 was USD 87.5 per cbm (+1.0% compared to average net rate in Q3 2024). Average prorated net freight rate last three months was USD 86.7 per cbm.
Enger commented that: “The activity level in November was high both for contracted cargo and spot cargo. We continue to optimize capacity in the various trade lanes and give priority to our strategic long-term customers. The gross freight rate was above USD 100 per cbm for the 5th consecutive month and was the second highest on record. Volumes transported increased somewhat as we now get the effect of having two of the newbuilds in operation. The High/Heavy and Break Bulk share in November was 23%”.
