Oslo, 8 February 2024: Höegh Autoliners ("Höegh Autoliners" or the "Company",
ticker code: HAUTO) reported record financial performance for the fourth quarter
of 2023. The gross revenue was USD 382 million (up 8% Q-o-Q)/NOK 4,137 million,
operating profit (EBITDA) was USD 199 million (up 7% Q-o-Q)/NOK 2,155 million,
and net profit after tax was USD 197 million (up 39% Q-o-Q)/NOK 2,134 million. 


Highlights of the quarter   

 Operating profit (EBITDA) of USD 199 million and net profit after tax of USD
197 million. The strongest quarter ever for Höegh Autoliners.   

 Gross freight rate increased by 6% compared to Q3 2023 to USD 95.6 per cbm.  

 Höegh Bangkok sold and delivered to new owners. Sales price was USD 63 million
giving a gain of USD 36 million. The vessel was debt-free. 

 Financing agreement signed for Aurora newbuilds no. 9-12. All newbuilds are
then financed on attractive terms. 

 Towards the end of the year, Höegh Autoliners decided to stop Red Sea
transits. 

 We continued to offer our customers carbon-free transport and 4% of the fuel
used in Q4 was biofuel. 

 Q3 2023 dividend of USD 70 million paid in November 2023.  

 A dividend of USD 360 million declared and will be paid in March 2024. 

 New dividend policy approved by the Board of Directors.

 
Andreas Enger, CEO of Höegh Autoliners, comments: "I am delighted to announce
that Höegh Autoliners has accomplished another financially record-breaking
performance for the fourth quarter. All of our sailings were full, and we
continued to maintain strong rate as a result of successful contract renewal and
continuously strong spot market. Our newbuilding program has made significant
progress, and we expect to provide our customers with the opportunity to
transport their cargo on our flagship Aurora-class vessels from the second half
of this year. On the other hand, the Red Sea situation adversely impact on our
capacity and volumes from longer sailing, and we are working systematically to
offset the loss with cargo repricing and surcharge implementation. I am pleased
to announce that we have a new dividend policy and will pay out the record
dividend amount of USD 360 million. I would like to extend my heartfelt
gratitude for all of our employees, our customers, suppliers, and investors for
contributing to a recording breaking 2023, and together, we are committed to
sailing Höegh Autoliners to a solid future ahead." 
 

New dividend policy 

The Company's target is to distribute quarterly dividends to shareholders of
around 100% of cash generation after amortization of debt facilities, capital
expenditure and payable taxes. Any declaration of dividends will be at the
discretion of the Board of Directors considering also the outlook and the
Company's financial position. Dividends will be declared in USD and paid in NOK.



Outlook  

Höegh Autoliners enters 2024 with a solid contract backlog at healthy rates and
has more contracts coming up for renewal in the first half of 2024. The general
market fundamentals are strong, and rates are firm. Following the normal
seasonal slowdown at the beginning of the year, somewhat reduced capacity due to
the sale of one vessel and the situation in the Red Sea, we expect to transport
lower volumes for Q1 than the average for the last quarters.  

The decision not to transit Red Sea led to short term disturbances in scheduling
of vessels and consequently lost operating days and increased costs.  

As we adjust schedules and recalibrate the network, the financial effect is
mainly coming from longer voyages and lower volumes transported by reduced
capacity (as long as we continue to sail around Cape of Good Hope). We are in
the process of implementing surcharges and repricing cargo wherever we have the
possibility to do so. If the situation persists for a longer period, the
expectation is that the situation will add to the industry capacity shortage we
have experienced in recent years.
 
We are closely monitoring the geopolitical and global macro situation and the
potential impact on our business. 

 

Please find attached the Q4 2023 report. The results will also be presented by
CEO Andreas Enger and CFO Per Øivind Rosmo at 08:30 CET today. The presentation
will be held in English, and a recorded version of the webcast together with the
presentation will be made available on our website soon after the webcast ends. 

Link to watch the webcast:
https://investors.hoeghautoliners.com/investors/reports-and-other-resources/webc
asts-and-videos/default.aspx 

 

For further 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 

 

My Linh Vu, Head of Finance, Treasury and IR 

my.linh.vu@hoegh.com 

ir@hoegh.com 

+47 486 48 086 

 

Media contact: 

Camilla Knappskog, Head of Communications 

camilla.knappskog@hoegh.com 

+47 926 66 156 

 

About Höegh Autoliners: 

 

Höegh Autoliners is a leading global provider of RoRo (Roll On Roll Off)
transportation services delivering cars, high and heavy and breakbulk cargoes
across the world. The Company operates around 40 RoRo vessels in global trade
systems and makes about 3 000 port calls each year. Our purpose is to develop
innovative solutions for greener and more sustainable deep sea transportation.
We are on a path to a zero emissions future and are working closely with
customers and partners to achieve this. Höegh Autoliners has its head office in
Oslo, Norway and employs around 390 people in its 16 offices worldwide and
around 1 170 seafarers. 

 

This statement contains certain forward-looking statements concerning future
events. Forward-looking statements are statements that are not historical facts
and may be identified by words such as "anticipate", "believe", "continue",
"estimate", "expect", "intends", "may", "should", "will" and similar
expressions. The forward-looking statements in this release are based upon
various assumptions, many of which are based, in turn, upon further assumptions.
Although the Company believes that these assumptions were reasonable when made,
these assumptions are inherently subject to significant known and unknown risks,
uncertainties, contingencies, and other important factors which are difficult or
impossible to predict and are beyond its control. Actual events may differ
significantly from any anticipated development due to a number of factors,
including without limitation, changes in investment levels and need for the
Company's services, changes in the general economic, political and market
conditions in the markets in which the Company operates, the Company's ability
to attract, retain and motivate qualified personnel, changes in the Company's
ability to engage in commercially acceptable acquisitions and strategic
investments, and changes in laws and regulation and the potential impact of
legal proceedings and actions. Such risks, uncertainties, contingencies and
other important factors include, but are not limited to, the possibility that we
will determine not to, or be unable to, issue any equity securities, and could
cause actual events to differ materially from the expectations expressed or
implied in this release by such forward-looking statements. 

 

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.