Oslo-listed Hoegh Autoliners has reported a stable performance for May, while admitting its fleet capacity is holding back expansion.
The car carrier owner’s chief executive, Andreas Enger, said he was pleased with a “solid” month.
But he added: “Capacity is still the limiting factor, and we continue to serve and prioritise long-term strategic customers.”
Enger said the share of cargo transported under contract has increased to above 75%.
“Volumes increased somewhat from April and rates are stable at record high levels. High and heavy and breakbulk cargo accounted for 25% of shipments in May,” Enger said.
The company transported 1.2m cbm of cargo last month on a pro-rated basis.
Volumes in the past three months were 3.6m cbm.
The average gross freight rate in May was $97.2 per cbm, down 1.2% from the figure achieved in the first quarter of this year.
The average net rate was $83 per cbm, 0.6% lower than in the first three months.
The high and heavy/break bulk share of volumes carried in May was 25%, against 23% over the March to May period.
Grimaldi takes big stake
In April, Italian tycoon Emanuele Grimaldi grabbed the second-largest stake in Hoegh Autoliners, fuelling speculation a second Italian could be launching a raid on the Norwegian car carrier sector.
The move followed billionaire Gianluigi Aponte’s NOK 7.6bn ($700m) bid to take over Gram Car Carriers, taking the company off the Oslo Stock Exchange and into the MSC Mediterranean Shipping Company fold.
Grimaldi, the managing director of family-owned Grimaldi Group, purchased 9.78m shares, or 5.12% of Hoegh.
This positions it second only to the Hoegh family holding company, Leif Hoegh & Co, which holds 79.3m shares.
