The unknown buyer of a Hoegh Autoliners car carrier may have got the better end of the deal, according to Veson Nautical.
Andrea De Luca, Veson’s vehicle carrier, ropax and ro-ro analyst, told TradeWinds that “eyebrows were raised in some quarters” after the 6,000-ceu Hoegh Chiba (built 2006) was sold for $61m at the end of February.
Veson’s VesselsValue assesses the asset at $72.39m.
“Earnings from the charter market are significantly higher based on recent five-year fixtures for similar [ships], suggesting it was a better deal for the undisclosed buyers,” De Luca said.
“Either way, investors should not be too upset despite Hoegh’s stock price taking a hit,” he added.
“Market fundamentals remain highly positive for the rest of the year,” the analyst said.
However, Hoegh Autoliners did pull off a coup by snagging a cheap purchase in the shape of the 6,500-ceu Hoegh Jeddah (built 2014), De Luca noted.
The owner will pay a “bargain basement” price of $43.2m from leaseback financier Ocean Yield, saving almost $45m compared with fair market values for such an asset.
VesselsValue rates the car carrier as worth $87.9m.
“The transactions represent good opportunities for us to further optimise our asset portfolio in preparation of the first Aurora delivery in August,” Hoegh chief executive Andreas Enger said.
The Aurora delivery refers to a newbuilding pipeline of 12 alternative-fuel-capable vessels that the company has under construction.
The Hoegh Chiba was the second vessel Hoegh has sold since 30 October, when it divested the somewhat older but bigger 6,500-ceu Hoegh Bangkok (built 2007) for $63m.
