Höegh Autoliners delivers 2021 Annual Report

24 March 2022
Press Release

Höegh Autoliners delivers its 2021 Annual report which highlights the Company’s performance the last financial year and clear focus on its path to a zero emissions future through its green fleet renewal program and strategic repositioning.

Andreas Enger, CEO of Höegh Autoliners, says: “2021 has been a year of considerable milestones for Höegh Autoliners. With substantial re-pricing and commercial recovery, admission to trading on Euronext Growth and presentation of the design for our Aurora class vessels, the year has provided us with key building blocks for continuing to deliver high quality global ocean transportation solutions. We remain committed to our vision of a zero emissions future, reducing our carbon footprint and supporting the decarbonisation of our customers’ supply chain. I have never witnessed such a marked strategic repositioning in a single year. I would like to thank our seafarers and onshore staff, customers, and partners for contributing to this year’s impressive results and milestones.”

Freight revenues for FY 2021 were USD 947 million, an increase of 28% compared to FY 2020. The increase was primarily due to higher net rates and better utilisation. EBITDA for FY 2021 was USD 203 million, compared to USD 175 million for FY 2020. Adjusted EBITDA for FY 2021 was USD 210 million compared to USD 165 million for FY 2020.

Net profit for FY 2021 was USD 125 million compared to a net loss of USD 19 million for FY 2020. The net profit for 2021 was highly influenced by the reversal of asset impairment charges of USD 96 million. Cash and cash equivalents were USD 228 million at the end of 2021 compared to USD 115 million at the end of 2020. The cash balance at year-end was strongly supported by the proceeds from the private placement in November 2021, where a total of USD 131 million (NOK 1.2 billion) was raised in new equity capital.

Per Øivind Rosmo, CFO of Höegh Autoliners, says: “We are very pleased with our financial results in 2021. The successful admission to trade, improved rates and market conditions, the strengthening of long-term customer relations, and prioritising a favourable cargo mix was the driving force behind a substantial commercial recovery and profit growth for us.”

At the forefront of sustainable shipping

In 2021, Höegh Autoliners remained committed to strengthening its leading position in decarbonisation and paving the way towards a net zero emissions future. Between 2008–2021 the Company achieved a reduced carbon intensity of 30% across its fleet and is well on track to meet the global IMO 2030-target of 40% reduction.

“Höegh Autoliners has a clear ambition to reach net zero by 2040. Launching our zero-carbon ready Aurora class vessel represents a definitive step in reaching that target. The Aurora class represents the future of our business and demonstrates our clear path to a zero emissions future. With the solid foundation we have built in 2021, we will continue our strategic development to lead the way towards a net zero emissions future and support our customers in decarbonising their supply chain,” says Andreas Enger.

Highlights of 2021:

•    Successful trial of our first carbon neutral voyage from Europe to South Africa using 100% pure advanced biofuels meeting the highest sustainability standard in March 2021.
•    Launch of the design for the multi-fuel and zero carbon ready Aurora class in April 2021, and subsequent contract signing with China Merchants Heavy Industry in January 2022 to build a series of up to 12 Aurora class vessels. Under the terms of the contract, the first two vessels will be delivered in the second half of 2024 and the next two vessels in the first half of 2025.
•    Signing of the Neptune Declaration on Seafarer wellbeing and crew change in August 2021. At the end of 2021, none of our crew members stayed onboard longer than the 11-month contract period and 95% of our seafarers were fully vaccinated.
•   Signing of the “Getting to Zero” coalition’s Call to Action in September 2021 to accelerate the decarbonisation of the shipping industry, reaffirming our long-standing commitment to sustainability.
•   Successful admission to trade on Euronext Growth Oslo in November 2021, and USD 131 million raised in new equity capital.

Enclosed is the Annual Report 2021 and ESG Report 2021. 

For more information, please contact:
Andreas Enger, CEO
+47 901 31 228

Per Øivind Rosmo, CFO
+ 47 400 39 938

Media contact:
Safia Reddy, Head of Communications
+47 400 39 857

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 375 people in its 16 offices worldwide and around 1 250 seafarers.