Höegh Autoliners Unfazed by Slowing Car Market

Norwegian RoRo shipping company Höegh Autoliners recorded a 4% increase in volumes carried in 2015 compared to the year earlier, despite the year showing a modest growth in global car sales of 1.7% year-on-year.

The improved results were boosted by the addition of two out of six 8,500 car equivalent unit (CEU) Pure Car and Truck Carriers (PCTCs) to the fleet in 2015, and the company’s branching out into the terminal management business through the establishment of a fully owned terminal management company, Horizon Terminal Services LLC, in the USA.

The results for 2015 were offset by rapidly declining raw material prices and a volatile global economy, which led  to a slow market for the PCTC industry in 2015, the company said.

“In a weak market, Höegh Autoliners is doing relatively well,” said Ingar Skiaker, CEO Höegh Autoliners.

“We ended 2015 with a year-on-year growth in EBITDA from USD 157 million to USD 166 million, resulting in a net profit of USD 33 million. The fact that we in this market have been able to strengthen our position in regional trades while making important investments in the logistics industry, shows that we have the right business model and a strong financing platform.”

Share this article

Follow World Maritime News

In Depth>


<< Nov 2019 >>
28 29 30 31 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 1

Maritime Reconnaissance and Surveillance Technology

As varied threats in the Mediterranean Sea continue to proliferate, the need to advance…

read more >

CrewConnect Global 2019

CrewConnect Global is the leading forum for collaboration to advance new industry approaches to seafarer recruitment and training.

read more >

CruiseConnect Global 2019

Attend CrewConnect Global and stay on for the CruiseConnect Summit to take part in an industry-wide conversation focused…

read more >

CWC World LNG Summit & Awards Evening

The CWC World LNG Summit & Awards Evening will be returning to Rome in 2019 to celebrate it’s 20th year.

read more >