- Höegh Autoliners ASA (“Höegh Autoliners” or the “Company”), one of the leading global operators in the Roll On Roll Off (“RoRo”) shipping segment, today announces its intention to launch a private placement of new shares in the Company (the “Offering”) and to list the Company’s shares on Euronext Growth Oslo (the “Listing”).
- Since 2008, the Company has achieved an improved carbon intensity of 37% across its fleet, putting it at the forefront of sustainable shipping and substantially ahead of the IMO 2030-target of 40% reduction.
- While one car carrier offering has just hit a dead end on the Oslo Bors, a rival is revving up to the list.
- The company has a fleet of 40 car carriers making it one of the largest vehicle transporters in the world.
- Most of the net proceeds will go towards four newbuilds under construction in China.
Höegh Autoliners ASA (“Höegh Autoliners” or the “Company”), one of the world’s top RoRo transportation companies, today announced its intention to make a private offering of additional shares in the Company (the “Offering”) and to list the Company’s shares on Euronext Growth Oslo (the “Listing”) as reported by Splash.
Transportation services
Höegh Autoliners is one of the leading global providers of deep-sea RoRo transportation services, operating a fleet of around 40 Pure Car and Truck Carriers (“PCTC”) sailing in global trade systems.
Offering safe and secure deep-sea transportation of cargo such as cars, high and heavy machinery and breakbulk, its customers include most of the leading global vehicle and equipment manufacturers.
Höegh Autoliners is owned by Leif Höegh & Co Holdings AS (“LHC”) with 60.5%, A.P. Møller – Mærsk A/S with 38.2%, and the Company’s CEO, Andreas Enger, with 1.3%.
Since 2008, the Company has achieved an improved carbon intensity of 37% across its fleet, putting it at the forefront of sustainable shipping and substantially ahead of the IMO 2030-target of 40% reduction.
Offer Shares
Under the terms of the LOI with CMHI, the first two vessels will be delivered in H2 2024 and the next two vessels in H1 2025.
In addition, Höegh Autoliners has options for another four + four Aurora class vessels.
The Offering will comprise a private placement of new shares expected to raise gross proceeds to the Company in the region of NOK 1 billion (the “Offer Shares”).
The net proceeds from the Offering will primarily be used to equity finance the delivery of four Aurora class vessels.
Andreas Enger, Höegh Autoliners CEO, commented: “Listing on the Euronext Growth confirms our ambitions and capability as a company.
The global market in our sector is rapidly strengthening through increased volumes and decreasing global capacity.”
Höegh Autoliners intentions
While one auto carrier offering has just reached a stalemate on the Oslo Stock Exchange, a competitor is gearing up to join the list.
Leif Höegh & Co (LHC) owns 60.5%, A.P. Miller – Mrsk owns 38.2%, and the company’s CEO, Andreas Enger, owns 1.3% of Höegh Autoliners.
With a fleet of 40 car carriers, the company is one of the world’s largest vehicle transporters.
The majority of the net earnings will be used to fund four new buildings in China that are currently under development.
LHC, KLP Kapitalforvaltning AS, Intertrade Shipping, and Global Value Investment Corp, four cornerstone investors, have agreed to subscribe for shares worth about NOK425 million, subject to certain circumstances and at a price per share of up to NOK21.
International shipping
Several international shipping sector professionals, as well as other local and international generalist investors, have expressed strong interest in the company, according to the company.
“We are very pleased to announce our desire to list Höegh Autoliners and launch the next chapter in its history,” said Leif Høegh, chair of Höegh Autoliners.
“We will be able to expedite investments and further expand our customer service and leading position in decarbonisation and cargo efficiency by raising funds and listing the firm.”
“The global market in our sector is gradually increasing through higher volumes and reducing global capacity,” said Andreas Enger, CEO of Höegh Autoliners.
“We’ve secured yard slots for the first four ammonia-ready multifuel vessels, cementing our position as the unchallenged leader in our industry’s transition to a zero-emissions future.”
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Source: Splash
