Hoegh Autoliners is still setting new rate records in unprecedented car carrier markets.

The Oslo-listed shipowner’s chief executive Andreas Enger said: “The positive trend for rates and volumes continued in May and the average rolling three-months rate reached a new peak level both for net rate and gross rate.”

The average gross freight rate in May 2023 was $88.30 per cbm, up 0.5% compared to the first quarter.

Over the last three months, the figure was $90.8 per cbm.

And the net freight rate was $76.30 per cbm last month, a rise of 2.5% compared to the first quarter.

For the last three months, Hoegh Autoliners averaged $77 per cbm.

“The increase in rates through 2023 is coming from a combination of contract renewals and a continuous strong spot market,” Enger said.

“The demand for our transportation services is high, all vessels are full on all sailings, and we transported 1.4m cbm for our customers in May,” he added.

The cargo total for the March to May period was 4.1m cbm.

More profitable high & heavy (H&H) and breakbulk cargoes made up 24% of its May volumes, and 25% over the last three months.

Profit jumped in first three months

In the first quarter, the shipowner’s net profit jumped to $117m, up from $36m year over year and just under the fourth quarter’s $118m.

Revenue rose to $354m from $266m over the same period, slightly lower than the $356m brought in the previous quarter.

Volumes out of the Atlantic rose year-on-year, from 1.5m cbm to 1.7m cbm, while volumes originating in Asia fell to 1.6m cbm from 1.7m cbm in 2022.