Höegh Autoliners secures new capacity from 2014

17 September 2012

Höegh Autoliners has entered into 12 year bare boat charters for two 6 500 car capacity Pure Car Truck Carriers (PCTC) to be delivered in 2014.

The vessels will be owned by Ocean Yield AS and will be built by Daewoo Shipbuilding & Marine Engineering's (DSME) shipyard in Mangalia, Romania.

Höegh Autoliners has previously taken delivery of a series of 10 PCTCs from DSME and the two 6 500 car capacity vessels will be built based on the same specifications with relevant updates. Höegh Autoliners has the option to acquire the vessels during the charter period, with the first option exercisable after five years.

"The long term charters agreed with Ocean Yield is important in our fleet development program, to provide the best services to our customers. The vessel design is well known and well proven as an efficient and flexible work horse in our core fleet," says Ingar Skiaker, CEO of Höegh Autoliners. "We operate today a fleet of around 60 car carriers and balance our owned fleet with vessels chartered from other owners. The new vessels will replace existing vessels."

Ocean Yield has entered into shipbuilding contracts with DSME for the two vessels. Höegh Autoliners will provide shipbuilding supervision services and will have the technical management and crewing of the vessels when they are delivered and enter Höegh Autoliners' worldwide trade systems.

Ocean Yield is a shipowning company owning marine assets with bareboat agreements within the oil service sector. The company was established in 2012 and is 100 percent owned by Aker ASA. Ocean Yield strategy is to expand its portfolio of marine assets, primarily within oil service and industrial shipping, with long-term bareboat contracts with solid counterparties.

 (Above information was today released by the Company in a Press Release)