Hoegh Autoliners announced two deals on Monday: selling one of its 34 vessels, while declaring an option to purchase another ship.
The Oslo-listed car carrier owner sold the 6,500-ceu Hoegh Bangkok (built 2007) for $63m — a slight premium on the $61.9m assessment from VesselsValue.
The purchase was the 6,500-ceu Hoegh Jacksonville (built 2014), which had been owned by Ocean Yield.
“The transactions represent good opportunities for us to optimise our asset portfolio in preparation for the first Aurora deliveries,” said chief executive Andreas Enger, referring to the 9,100-ceu, alternative fuel-capable vessels the company has on order.
“We will retain our focus on serving core contract customers while seeking opportunities to optimise our long-term fleet composition and capital structure.”
VesselsValue pegged the Hoegh Bangkok as worth $61.9m.
Hoegh Autoliners said the vessel was unencumbered and would be delivered to the buyer by the end of the year.
For the Hoegh Jacksonville, the company spent $43.2m.
It said the market value is $84m. VesselsValue assigns a more conservative $77m.
The owner said the transaction would be completed by April and would be financed by mortgage debt through its fleet credit facility.
Good times
Last week, Hoegh Autoliners posted an all-time high operating profit of $185m for the third quarter, besting analyst expectations of $178m thanks to rising freight rates offsetting lower cargo volumes.
Chief financial officer Per Oivind Rosmo suggested the good times would continue for the company, with vessels effectively full.
Still, it has little intention of finding more tonnage, with the first of the Aurora class vessels due for delivery in July 2024.
“So that will increase our ability to take more cargo,” Rosmo said. “But where we are now, we are maximising the fleet.”
