Höegh Autoliners ASA – Purchase of Höegh Berlin

01 Mar 2023 15:45 CET

Oslo, 1 March 2023: Höegh Autoliners ASA (“Höegh Autoliners” or the “Company”,
ticker code HAUTO), through its subsidiary Höegh Autoliners Shipping AS, has
agreed with the owner of the leased vessel Höegh Berlin (IMO 9295842) to
terminate the bareboat charter and purchase the vessel, for a purchase price of
USD 34.25 million. The vessel was taken over on 1 March 2023. The average market
value of the vessel estimated by three different brokers was USD 59 million per
end of Q4 2022.

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 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. The purchase of Höegh Berlin will reduce the long-term
cash capacity cost for the vessel as well as realise additional value gains from
taking direct ownership to leased vessels. The Company intends to register her
under 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 deadweight ton (DWT) in the NIS register.

On 1 March 2023, according to earlier announcement of the exercise option, we
have also taken ownership of Höegh Tracer.

Per Øivind Rosmo, CFO of Höegh Autoliners, comments: “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. After the purchase of the leased vessels, we will have a fleet
of 31 owned vessels, 3 BB chartered vessels with purchase option and 3 vessels
chartered in on medium term Time-Charters. This gives us limited exposure to the
currently tight and expensive Time-Charter market. Höegh Berlin has done a very
good job for us and our customers since we built her in 2005 and is very well
suited for our established and balanced trade systems from Asia to Europe and
the US with return to Asia via South Africa and Australia or the Middle East.
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”.

For further information, please contact
Andreas Enger, CEO
andreas.enger@hoegh.com
+47 901 31 228

Per Øivind Rosmo, CFO
per.oivind.rosmo@hoegh.com
+ 47 400 39 938

Investor Relations
ir@hoegh.com

Media contact:
Camilla Knappskog, Head of Communications
camilla.knappskog@hoegh.com
+47 926 66 156

About Höegh Autoliners:
Höegh Autoliners is a leading global provider of RoRo (Roll On Roll Off)
transportation services delivering cars, high and heavy and breakbulk cargoes
across the world. The Company operates around 40 RoRo vessels in global trade
systems and makes about 3 000 port calls each year. Our purpose is to develop
innovative solutions for greener and more sustainable deep sea transportation.
We are on a path to a zero emissions future and are working closely with
customers and partners to achieve this. Höegh Autoliners has its head office in
Oslo, Norway and employs around 390 people in its 16 offices worldwide and
around 1 170 seafarers.

More information:
Access the news on Oslo Bors NewsWeb site