Höegh Autoliners reported another record financial performance in the second quarter of 2024. The gross revenue was USD 341 million/NOK 3,665 million, operating profit (EBITDA) was USD 174 million/NOK 1,865 million, and net profit after tax was USD 174 million/NOK 1,865 million.
Highlights of the quarter
- Operating profit (EBITDA) of USD 174 million and net profit after tax of USD 174 million.
- Gross freight rate decreased by 3% compared to Q1 2024 to USD 96.3 per cbm due to lower surcharges (BAF).
- Höegh Kobe sold for USD 59 million. It was delivered to new owners in July.
- Significant Enova funding of NOK 255 million secured for four Aurora Class
vessels. - Signed a 5-year contract with a major international car producer.
- Q1 2024 dividend of USD 109 million paid in May 2024.
- A dividend of USD 127 million declared and will be paid out in August 2024.
Andreas Enger, CEO of Höegh Autoliners, comments:
“Höegh Autoliners continued to deliver solid result for the second quarter of 2024. While volume slowlyrebounded from the Red Sea rerouting issue, rates remained on a high level, reflecting the impact of successful contract renewals with customers. The Company took advantage of the tight capacity market fleet to further optimize the fleet by declaring the sale of Höegh Kobe – an 18-year-old mid-size vessel for USD 59 million in anticipation of the first Aurora class vessel delivered in early August. The Company received another round of grant from Enova for the use of new ammonia technology for our vessel, a stamp of approval for our tireless decarbonisation effort, bringing us one step closer to our long-term net zero emission goal. We remained dedicated to creating values to our shareholders, and I am pleased to announce that a quarterly dividend of USD 127 million has been declared and will be paid end of August. I would like to extend my heartfelt gratitude to all our employees, partners and customers for their support and contribution in sailing our company forward.”