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.”

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