Höegh Autoliners reports solid financial results in Q2
Höegh Autoliners reported solid financial results for the second quarter of 2022.
Operating profit (EBITDA) was $99 million (up 27.7% Q-o-Q) and net profit was $53 million (up 49.2% Q-o-Q). Dividend of $15 million is scheduled to be paid in September 2022.
Volumes grew 0.3 million CBM (up 7.3% Q-o-Q) while net rate increased to a new high level of $61.9 per CBM (up 8.4% Q-o-Q). The growth in volumes was mainly due to increased utilisation, while net rate improvement was a result of optimal cargo mix and continuous repricing in several markets, said a release.
In May 2022, the company signed contracts with China Merchants Heavy Industry (Jiangsu) Co. to build another four multi-fuel and zero carbon ready 9 100 CEU Aurora class vessels, taking the total newbuild program to 8 vessels. Delivery of the Aurora class vessels will start from the second half of 2024.
CEO of Höegh Autoliners, Andreas Enger, said: “Second quarter saw geopolitical challenges, lockdown in China, supply chain disruptions, rising fuel costs and continuous port congestions. Therefore, it is a great satisfaction that Höegh Autoliners, despite all this, is continuing our track record of solid performance and delivering record quarterly financial results.”
Source: Exim News Service: Oslo, Aug. 17