Car Carrier Long-term Charters by Höegh Autoliners

Höegh Autoliners enters into 12 year bare boat charters for two 6, 500 car capacity Pure Car Truck Carriers (PCTC) to be delivered by DSME 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.