Maersk sells stake in Höegh Autoliners

Danish industry major A.P. Møller – Maersk A/S has bid adieu to its stake in Höegh Autoliners ASA, selling the remaining 10.48% of the company’s shares.

World's first methanol-powered boxship. Courtesy of A.P. Moller-Maersk

The deal, valued at a cool NOK 1,800 million, went down at NOK 90.00 per share, totaling a massive 20 million shares in the transaction.

With the ink drying on this transaction, Maersk officially holds zero shares in Höegh Autoliners.

APMM is represented on Höegh Autoliners’ Board of Directors.

ABG Sundal Collier ASA played the role of exclusive financial advisor and bookrunner, while Advokatfirmaet BAHR AS lent its expertise to navigate the deal.

The move comes at a time when the seas of the maritime industry are seeing some choppy waters, especially in the container shipping sector chronically suffering from market volatility.

Maersk recently revealed it was cutting 10,000 jobs as a response to the ongoing challenges of declining freight rates and lackluster demand within the container shipping industry.

The company’s revenue for Q3 2023 was $12.1bn compared to $22.8bn in Q3 2022 with an EBIT margin at 4.4% impacted by lower freight rates and lower volumes.

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Both companies have been investing heavily in their fleet renewals over the recent period, with newbuilds featuring alternative fuels, including LNG, methanol, and ammonia.

Maersk has one delivered and 24 methanol vessels on order slated for delivery between 2024 and 2027. On the other hand, Höegh Autoliners has 12 methanol and ammonia-ready Aurora class car carriers on order.