Höegh Autoliners reported a net profit of $103 million for the first quarter of 2026, maintaining stable earnings despite operational disruptions linked to ongoing tensions in the Middle East and rising fuel market volatility.
The Norwegian vehicle carrier operator posted gross revenue of $360 million and EBITDA of $145 million during the January–March period, supported by steady global vehicle transportation demand and higher cargo volumes from Asia, particularly China. Vehicle exports from China rose 57 per cent year-on-year during the quarter, contributing to stronger trade activity for the company’s car carrier network.
However, the company warned that escalating bunker fuel prices and continued route disruptions caused by the Middle East conflict are expected to impact second-quarter earnings. Höegh Autoliners estimates that higher fuel costs could create a short-term hit of around $20 million in Q2, while disruptions to its Middle East services may reduce volumes by another $10 million.
Chief Executive Officer Andreas Enger said geopolitical instability in the Gulf region has increased operational complexity, forcing vessel repositioning and route adjustments. The company has suspended services into the Persian Gulf following the regional conflict and continues to manage delays and network changes through alternative routing strategies.
Despite the headwinds, Höegh Autoliners said underlying market demand for vehicle transportation remains firm, supported by stable automotive exports and tight vessel capacity across major trade lanes. The company also continued its fleet modernization programme during the quarter, taking delivery of the eighth vessel in its Aurora-class newbuild series, the “Höegh Rainbow.”
The company expects adjusted operating profits in the second quarter to remain broadly in line with or slightly below first-quarter levels as shipping markets continue to navigate fuel cost volatility and geopolitical uncertainty.
