Höegh Autoliners buys another PCTC back at cut price
Höegh Autoliners has continued to purchase vessels at a cut price with the acquisition of Höegh Berlin for $34.25 million. The average market value of the vessel estimated by three different brokers was $59 million per end of the fourth quarter 2022.
Höegh Autoliners has agreed with the owner of the leased vessel Höegh Berlin to terminate the bareboat charter and purchase the vessel. Höegh Berlin was built by Höegh at Daewoo Shipbuilding & Marine Engineering (DSME) in 2005 and has a capacity of 7,850 CEU and is one of a series of vessels Höegh built at DSME between 2004 and 2010. The vessel was sold in 2009 and chartered back to Höegh Autoliners under a bareboat charter agreement.
This is the fifth bareboat chartered vessel the company has purchased back in less than a year, and the other 4 are Höegh Beijing, Höegh Tracer, Höegh Trapper and Höegh St. Petersburg. On March 1, 2023, has taken ownership of Höegh Tracer.
The company intends to register her under the Norwegian flag (NIS) after the transfer of ownership. This will bring Höegh Autoliners’ number of vessels registered in NIS to 28 out of 31 in its technically managed fleet, solidifying its position as one of the largest owners in terms of the deadweight ton (DWT) in the NIS register.
“With the delivery of Höegh Berlin and Höegh Tracer, Höegh Autoliners is again demonstrating our commitment to serve and build long term relationship with our customers based on a fleet we own and control,” said, Per Øivind Rosmo, CFO of Höegh Autoliners. “Together with the Horizon class vessels (8,500 CEU capacity) and the Aurora class vessels under construction (9,100 CEU capacity), the series of 7,850 CEU vessels built at Daewoo represents one of the largest and most environmentally friendly PCTC fleet. These large and fuel-efficient vessels are an important part of our ambition to continue to reduce our carbon intensity and the journey towards being carbon neutral by 2040.”