Höegh Autoliners ASA has sealed a deal to sell the vessel Höegh Bangkok for $63 million. The ship, constructed in 2007, boasts a 6500 CEU capacity and sails under the NIS flag.
Additionally, the company has exercised an option to buy the vessel Höegh Jacksonville from Ocean Yield for $43.22 million. Höegh Jacksonville, built in 2014, has a 6,500 CEU capacity and is an emissions-efficient vessel. The purchase will be funded through mortgage debt using the company’s fleet credit facility.
CEO Andreas Enger expressed that the purchase of Höegh Jacksonville aligns with the company’s strategy to build long-term customer commitments and enhance fleet ownership. The transaction is expected to be cash-neutral, unlocking value gains from lease options and improving capacity cost control.
The sale of Höegh Bangkok is in line with the company’s fleet renewal strategy in anticipation of the delivery of the first Aurora class vessel in July 2024. This transaction will increase the company’s cash balance as there is no debt attached to the vessel, and it will be delivered to the new owner by year-end 2023.
After these transactions, Höegh Autoliners will continue operating a fleet of 36 vessels, including 31 owned vessels and five under long-term leases. The company plans to expand its fleet with four new Aurora multifuel vessels between July 2024 and March 2025, adding 36,400 CEU of capacity. An additional four Aurora vessels with 36,400 CEU capacity are scheduled for addition by mid-2026.
CEO Andreas Enger emphasized that these transactions provide opportunities to optimize the company’s asset portfolio in preparation for the first Aurora deliveries. The focus remains on serving core contract customers while seeking ways to optimize the long-term fleet composition and capital structure.
