Oslo, 23 March 2022: The Administrative Council for Economic Defence (CADE) in
Brazil issued a fine of approximately BRL 26 million (USD 5.4 million) to Höegh
Autoliners for breach of anti-trust regulations dating back to 2000-2012. Since
Höegh Autoliners did not have any turnover in Brazil in the relevant period, the
fine is calculated on a "virtual turnover" principle, based on Brazil's
relevance in the worldwide PCTC market. The decision (including the "virtual
turnover" calculation) may be challenged before the Federal Courts in Brazil. 
Höegh Autoliners disagrees with CADE's decision, and will review its merits
thoroughly before making any decision on how to proceed.  

Höegh Autoliners has, along with the most significant PCTC operators, been
subject to anti-trust investigations in different jurisdictions. Before CADE's
decision 23 March, investigations had been finalised in 9 jurisdictions, 7 of
which resulted in no charges or punitive action taken against Höegh Autoliners. 


CADE initiated cartel investigations against the group in 2016. Höegh Autoliners
has cooperated with the investigation in good faith, but has strongly and
continuously rebutted any claims of wrongdoings in Brazil. 

For more information, please contact: 
Andreas Enger, CEO
andreas.enger@hoegh.com
+47 901 31 228

Per Øivind Rosmo, CFO
per.oivind.rosmo@hoegh.com
+ 47 400 39 938