Höegh Autoliners raising money to fund ammonia-ready ships

November 15, 2021 Maritime Safety News

Norwegian RoRo shipping company Höegh Autoliners has decided to launch a private placement of new shares and list the company’s shares on Euronext Growth Oslo in order to accelerate decarbonization investments.

As informed, the private placement is expected to raise gross proceeds in the region of NOK 1 billion (about $115 million). The net proceeds will primarily be used to equity finance the delivery of four Aurora-class vessels.

“We are very pleased to announce our intention to list Höegh Autoliners and open the next chapter in its history. By raising capital and listing the company, we will be able to accelerate investments and further strengthen our customer service and leading position in decarbonisation and cargo efficiency,” Leif O. Høegh, Höegh Autoliners Chair, commented.

Höegh Autoliners recently launched a transformational newbuilding program to accelerate the company’s green transition. It has entered into a letter of intent (LOI) with China Merchants Heavy Industry (CMHI) to build a series of multi-fuel and ammonia-ready Aurora-class vessels.