Höegh Autoliners signs contract to build the next four zero carbon ready Aurora class vessels

Höegh Autoliners signs contract to build the next four zero carbon ready Aurora class vessels

28 Apr 2022 10:20 CEST

Oslo, 28 April 2022: Höegh Autoliners ASA ("Höegh Autoliners" or the "Company",
ticker code: "HAUTO) is pleased to announce that it has signed a contract to
build an additional four new multi-fuel and zero carbon ready Aurora class
vessels on the same terms and specifications as the first four vessels.

The Aurora class vessels have attracted great interest from credit providers and
Höegh Autoliners' intention is to finance the vessels by a combination of equity
and debt. The Company is exploring several sources for credit and expect to
conclude the financing well ahead of the delivery of the vessels.

This will extend Höegh Autoliners' Aurora class newbuilding program to eight
vessels, all of which will be built by China Merchants Heavy Industry (Jiangsu)
Co., Ltd. (CMHI). The Company retains its existing option for another four
vessels (vessel 9-12) until end July 2023. The Aurora vessels will have DNV's
ammonia and methanol ready notation, with main engine provided by MAN and bridge
system supplied by Kongsberg. The vessels will be the first in the PCTC segment
able to operate on zero-carbon fuels. Together with the capacity to carry up to
9,100 cars, the Aurora class will be the world's largest and most
environmentally friendly car carrier.

The Company has also reached an agreement with CMHI that allows the Company to
accelerate its green fleet renewal program from 12 to 16 Aurora vessels. The
additional four vessels will be in the form of slot reservations on market terms
until end of December 2022 and a first right of refusal on four slots until the
end of July 2023. The Company retains its existing option on vessel 9-12 until
end July 2023 and vessel 13-16 would be for 2026 and 2027 delivery, should the
Company pursue this acceleration opportunity.

Andreas Enger, CEO of Höegh Autoliners, says: "We want to be the preferred green
partner in deep sea shipping, and this is yet another concrete and decisive step
on our path to zero. We are committed to building a more sustainable maritime
industry in close collaboration with our partners and customers. Exercising the
option demonstrates Höegh Autoliners' commitment to the company's green fleet
renewal strategy and reiterates its confidence in future fuel opportunities."

The Company expects delivery of two Aurora vessels every six months starting
from the second half of 2024.

For further information, please contact:
Andreas Enger, CEO [email protected] +47 901 31 228
Per Øivind Rosmo, CFO [email protected] +47 400 39 938
Media contact: Jakob Stig Dyvik, Head of Communications [email protected]
+47 919 28 321

About China Merchants Heavy Industry
China Merchants Heavy Industry (Jiangsu) Co., Ltd. (CMHI) is a large backbone
enterprise wholly owned by China Merchants Industry Holdings Co., Ltd. (CMI).
Headquartered in Hong Kong, CMI has several production and manufacturing bases
in the Yangtze River economic zone, Guangdong-Hong Kong-Macao Great Bay Area,
Yangtze River Delta area, Bohai Bay, as well as subsidiaries and institutions
abroad in Italy, Netherland, Singapore, Finland, Poland. CMI's business mainly
focuses on five aspects including repairs & conversion, marine & offshore
equipment newbuilding, specialized shipbuilding, cruise shipbuilding, new
materials and special equipment.

About Höegh Autoliners:
Höegh Autoliners is a leading global provider of RoRo (Roll On Roll Off)
transportation services delivering cars, high and heavy and breakbulk cargoes
across the world. The Company operates around 40 RoRo vessels in global trade
systems and makes about 3 000 port calls each year. Our purpose is to develop
innovative solutions for greener and more sustainable deep sea transportation.
We are on a path to a zero emissions future and are working closely with
customers and partners to achieve this. Höegh Autoliners has its head office in
Oslo, Norway and employs around 375 people in its 16 offices worldwide and
around 1 250 seafarers.

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Source

Höegh Autoliners ASA

Provider

Oslo Børs Newspoint