Oslo-listed Hoegh Autoliners has made more money from offloading older car carriers in strong markets.
The company said the 4,900-ceu Hoegh Maputo and Hoegh Singapore (both built 2011) are owned on a leaseback basis by Pioneer Leasing of Norway.
An unnamed buyer has agreed to buy the duo, resulting in a gain of $19m for Hoegh Autoliners, due to a profit-share agreement with Pioneer.
VesselsValue assesses the ships as worth around $65m combined.
The two ships have been operated by Hoegh Autoliners since delivery and are currently bareboated in.
Hoegh chief executive Andreas Enger told TradeWinds he could not reveal the buyer.
But he added that a single operating company acquired both.
In November, the company made an $8m profit from selling the 4,347-ceu Hoegh Masan (built 1998), its first disposal for a year.
Brokers say this vessel has gone to Doriko of South Korea.
Meanwhile, the shipowner has moved to tie up two other veteran car carriers for longer periods.
The 5,400-ceu Hoegh Brasilia and Hoegh Sydney (both built 2007) have had charters extended by Chijin Shipping.
Terms will run for another two and three years, respectively, from April and August 2022.
More flexibility
“The prolongation of this contract gives Hoegh Autoliners the flexibility needed to serve customers in a tight supply/demand market,” the company said.
The shipowner has 12 new dual-fuel Aurora-class newbuildings coming from China in 2024. The biggest car carriers in the world will increase carrying capacity further.
In a conference call earlier in February, the company had said it will attempt to tread a fine line between fleet expansion and paying too much for chartered-in capacity.
Chief financial officer Per Oivind Rosmo said: “The good news in the market is that we’re now seeing rates supporting the costs in the tonnage market.”
The group operates a fleet of around 40 vessels, of which 27 are owned and 13 are chartered in.
