Höegh Autoliners Signs Five-Year Car-Shipping Agreement with Major International Automaker

Norway-based car shipping company Höegh Autoliners has signed a new five-year contract for significant volumes of vehicle transportation. According to the company's announcement, the deal was concluded with a "major international automaker," though the customer's name was not disclosed to the public. Vehicle transportation will be carried out on two of Höegh Autoliners' core trade routes and will commence as of January 1, 2025.

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While financial details were not disclosed, the company noted that it only announces contracts exceeding $100 million. Andreas Enger, CEO of Höegh Autoliners, stated: "Securing significant volumes on this long-term contract across two core trade routes outside of Asia and the Atlantic represents a milestone in our efforts to build a robust contract portfolio and support our strategically important customers."

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This agreement stands out as the most significant contract signed by Höegh Autoliners in 2024. Over the past two years, the company has signed contracts averaging 10.8 million cubic meters annually and with an average duration of 4.3 years. The average price of these contracts exceeded $90 per cubic meter, while the average duration of remaining contracts stood at 3.5 years. For 2025, the volume secured under long-term contracts is reported at approximately 11.7 million cubic meters.

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Within the past month, Höegh Autoliners has demonstrated success in extending a series of contracts with various customers. In mid-November, the company announced the renewal of several long-term car-shipping contracts across various trade routes with a major international automaker. The new contracts have a three-year duration, and under some of these agreements, cargo transportation has already commenced.

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At month-end, Höegh Autoliners secured another new car-shipping contract with a major and unnamed international automaker. The agreement represents an extension of an existing contract and provides for approximately 40 vessels to conduct vehicle transportation across various trade routes. The new contract will remain in effect for two years.

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Höegh Autoliners' move strengthens the company's commanding position in the international automotive sector and is regarded as a significant step toward achieving its long-term growth objectives. The company aims to build a resilient structure against future market fluctuations through strategic business partnerships and a robust contract portfolio.

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Key Highlights:

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1. Höegh Autoliners has signed a new five-year car-shipping contract.

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2. The agreement was concluded with a "major international automaker."

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3. Transportation activities will take place on two core trade routes and commence on January 1, 2025.

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4. The company achieved its largest deal of 2024 through this contract.

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5. Over the past two years, the company has signed contracts averaging 10.8 million cubic meters annually with an average duration of 4.3 years.

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6. For 2025, a volume of 11.7 million cubic meters is secured under long-term contracts.

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7. In November, the company renewed several long-term contracts, with cargo transportation already underway on some.

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8. At month-end, another new two-year car-shipping contract covering approximately 40 vessels was secured.

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News Link: https://splash247.com/hoegh-autoliners-secures-new-five-year-car-shipping-deal/

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