Höegh Autoliners has entered into a five-year agreement with a prominent international car manufacturer, whose identity has not been revealed, for the transportation of significant volumes of cars along two of the company’s core trade routes.
Shipments under this contract are set to begin on 1 January 2025. With the signing of this contract, Höegh Autoliners has secured long-term agreements over the past two years, totalling an average annualized volume of 10.8 million cbm, with an average contract duration of 4.3 years.
Moreover, the average rate for these contracts exceeds US$90 per cbm, and the remaining average contract duration is 3.5 years. For 2025, the company has secured around 11.7 million cbm under long-term agreements.
Höegh Autoliners is committed to reducing its carbon footprint in the transportation of cars and rolling equipment between continents. With two Aurora-class vessels already in operation and an additional ten set to join the fleet within the next 2-3 years, the company is able to offer customers one of the most sustainable and environmentally friendly transport solutions in the industry.
This announcement is part of Höegh Autoliners’ ongoing efforts to enhance transparency by providing monthly trading updates and disclosing new contracts with mutual volume and rate commitments exceeding a total value of US$100 million, according to the statement.
Andreas Enger, CEO of Höegh Autoliners, commented: “The signing of this long-term contract for substantial volumes both ex. Asia and Ex. Atlantic, in two of our core trade lanes, represents another important milestone in our efforts to build a solid contract backlog and support strategically important customers. Value and volume-wise, this contract is the most significant the Company has signed in 2024, and it demonstrates the customer’s appreciation of our product and service level. We have historically a long-term relationship with this customer and are delighted that they now have chosen Höegh Autoliners as one of their core suppliers for deep sea transport of their valuable products for the next five years.”
