Höegh Autoliners reported record-breaking financial performance in the second quarter of 2024, achieving a gross revenue of USD341 million a net profit after tax of USD174 million.
The company said gross freight rates experiencing a slight decline of 3 percent compared to the first quarter of 2024, settling at USD96.3 per cu m, primarily due to reduced surcharges.
Andreas Enger, ceo of Höegh Autoliners, said: “While volume slowly rebounded from the Red Sea rerouting issue, rates remained on a high level, reflecting the impact of successful contract renewals with customers.”
Highlights included the sale of Höegh Kobe – an 18-year-old mid-size vessel for USD59 million in anticipation of the first Aurora-class vessel being delivered in early August. The company also received another round of grants from Enova for the use of new ammonia technology.
Höegh Autoliners does not anticipate significant market changes for the remainder of 2024. While the supply side remains tight, even with new vessels coming into operation, geopolitical and macroeconomic factors introduce some uncertainty on the demand side.
However, the company expects minimal impact on cargo access and anticipates continued strong performance in the third quarter, with results projected to align closely with those of Q2.
