Höegh Autoliners recorded total revenue of $376 million in the second quarter of 2026, up from $360 million in the previous quarter and $367 million in the same period last year. Operating profit before depreciation, amortisation and impairment fell to $122 million from $145 million in the first quarter, driven by higher fuel, voyage and charter hire costs.
The company reported net profit after tax of $86 million, down from $103 million in the previous quarter and $123 million in the second quarter of 2025. Higher fuel prices and one-off cargo rerouting extended invoicing cycles, temporarily increasing working capital requirements and reducing operating cash flow.
Transported cargo volume reached four million cubic metres, a 2.6 per cent increase from the first quarter. Gross freight rates rose 1.6 per cent quarter-on-quarter to $94.1 per cubic metre, while net freight rates remained unchanged at $79 per cubic metre.
“The capacity tightness in our industry has been accelerating during Q2, despite disruption related to the Middle East conflict, as China continue its strong export growth and are taking market share in worldwide markets,” said Chief Executive Officer Andreas Enger. Fleet capacity remained fully utilised during the period, supported by vehicle and heavy equipment export growth from Asia.
Operational adjustments included the safe exit of the vessel Alliance Fairfax from the Persian Gulf under naval escort in early May, with no company vessels currently operating in the region. Delivery of the feeder vessel Höegh Pacific in April expanded the operational fleet to 44 vessels, including 37 company-owned ships.
The company refinanced its loan facilities in June, securing extended maturities and lower margins and generating a $7 million debt modification gain.
Addressing ongoing legal matters, the company continues to appeal an administrative fine of approximately BRL26 million ($5.1 million) issued by Brazilian competition authority CADE regarding alleged anti-trust breaches between 2000 and 2012. No financial provisions have been made for the penalty as the company disputes the merits of the decision.
For the third quarter, Höegh Autoliners expects operating profit before depreciation, amortisation and impairment to be in line with the second-quarter result. The company also expects normalised performance with full run-rate fuel surcharge compensation during the quarter.