Höegh Autoliners snaps up leased car carrier

Norwegian car carrier player Höegh Autoliners is taking ownership of one of its leased vessels.

The Oslo-listed outfit has exercised a purchase option at Parcar Shipholding on the 2010-built Höegh Copenhagen.

The deal worth $36.5m will see the 7,850 ceu vessel switch ownership in August, the Andreas Enger-led operator of around 40 car carriers said in a stock exchange filing.

The unit, built by South Korea’s Daewoo Shipbuilding & Marine Engineering (DSME), now known as Hanwha Ocean, was valued at $79m by the end of last year.

“With this purchase, the company has exercised eight purchase options in three years,” Höegh Autoliners chief executive Enger, noted, adding: “Each of these transactions have reduced our capacity cost and strengthened our balance sheet. They are all included in an attractive and accretive financing structure with our core banks.”