HAUTO.OL Höegh Autoliners
Car Carrier · PCTC · 49 documents
Höegh Autoliners' 37-vessel car carrier fleet should earn about $47,004 a day in 2026Q3.
Yields annualise each quarter ×4 at the last close, $19.77 (2026-10-19). Our model is not company guidance.
Rates in, dividend out 2026Q3
Model Your scenarioSet a rate per vessel class and the statement below re-prices: our model’s figures in one column, yours beside them. These are your numbers, not our forecast and not company guidance; nothing you set is saved.
Latest rates
| Class | Company earned | Booked 2026Q3 | Market now | 8 weeks |
|---|---|---|---|---|
| Pctc · 37 | $47,0042026Q2 · fleet avg | —none printed | —no open $/day series |
Company earned: the issuer’s own reported TCE (linked). Booked: cover the issuer printed for 2026Q3. Market now: the median across the broker route prints we hold for the class — a derived blend, not a vendor index; the trend is rebased to 100 eight weeks ago.
Your rates every day is at your rate
2026Q3 P&L and cash
| Line | Model | Your scenario | Δ | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Vessel-days, days modelledShips on the fleet list × the quarter's calendar days for pctc: no off-hire or drydock days are deducted there. |
3,404 | 3,404 | |||||||||
By class
| |||||||||||
| Fleet TCE, $/day assumed | 47,004 | 47,004 | |||||||||
Revenue (TCE basis), $m assumedVessel-days × fleet TCE. |
160.0 | 160.0 | |||||||||
Vessel opex, $m assumed2026Q2: $29.0m over 3,404 vessel-days, held per day. |
(29.0) | (29.0) | |||||||||
G&A, $m assumed2026Q2: $7.2m over 3,404 vessel-days, held per day. |
(7.2) | (7.2) | |||||||||
| EBITDA, $m assumed | 123.8 | 123.8 | |||||||||
Hire for chartered-in ships, $mNot on file for any quarter (not extracted, or not disclosed). |
— | — | |||||||||
Interest expense, $m assumed2026Q2: $12.8m over 3,404 vessel-days, held per day. |
(12.8) | (12.8) | |||||||||
Scheduled debt amortisation, $m stated2026Q2: $14.5m over 3,404 vessel-days, held per day (the issuer’s scheduled principal). |
(14.5) | (14.5) | |||||||||
Drydock cost, $mNo separate drydock cash line on file. |
— | — | |||||||||
Cash break-even, $/day assumedΣ cash costs above ÷ vessel-days. |
18,647 | 18,647 | |||||||||
| Cushion vs fleet TCE, $/day | 28,357 | 28,357 | |||||||||
Free cash flow to equity, $m assumedRevenue − cash costs: the cash available for distribution. |
96.5 | 96.5 | |||||||||
Maintenance capex, $mNot disclosed as a cash line; not in the model’s cash. |
— | ||||||||||
Dividend policy
No stated payout policy on file.
| Output | Model | Your scenario | Δ |
|---|---|---|---|
| Estimated DPS, $/share | — | ||
| Forward yield, run-rate % | — | ||
| vs last declared ($0.08, 2026Q2) | — |
Yield annualises the quarter’s DPS × 4 (a run-rate, not a forecast of the year) against the $19.77 close on 2026-10-19.
No dividend is modelled for 2026Q3: every input is on file, but its declared dividends do not yet explain its earnings — too few quarters pair a rate with a dividend, or they do not move together — and it states no quantified payout policy.
Showing the model’s own figures. Setting your own rates needs JavaScript.
Dividend per share declared · model
Why no forward dividend next step: forward DPS
This page prices a fleet, takes off its cash costs and debt service, and measures what is left against the payout. The step it cannot take today: every input is on file, but its declared dividends do not yet explain its earnings — too few quarters pair a rate with a dividend, or they do not move together — and it states no quantified payout policy. More quarters of dividends beside a reported rate, or a quantified payout policy, unblocks it.
What is on file:
- 37-vessel fleet —
- realized fleet TCE of $47,004/day in 2026Q2
- 4 declared distributions on file, latest $0.08
Every company's position on the modelling chain, and what each page can and cannot answer yet: coverage.
Market context — rates, the dividend, and the price
Rates and dividend — realized rate and declared
Bars are the fleet TCE this issuer reported. Dashed-outline bars are the model estimate — see Dividend forecast.
The line is the declared dividend per share. Model estimate — not issuer guidance.
How we got the number
How to read this page
Every figure here is built the same way: the fleet's vessel-days are priced at the rate its classes earned, costs and debt service come off, and what is left is measured against the dividend the company actually declared. Nothing is estimated where it can be sourced, and a number that cannot be sourced is withheld rather than filled in. The full method, and the rates behind it →
Where HAUTO.OL departs from that
- No market index covers this fleet's vessel types, so each is priced at the company's own last realized rate per calendar vessel-day (revenue divided by vessel-days), held flat — the revenue track record shows how that has done.
- Weak OLS fit R²=0.15.
- Vessel-days are modelled from the fleet list (ships × days in the quarter); no issuer day count is curated for this quarter.
- Pctc: no index and no guidance — priced at the issuer's own last realized fleet rate $47,004/day (2026Q2, derived: t/c-equivalent result per owned vessel-day — (total revenues 375,793 - bunker 75,341 - voyage 107,375 - charter hire 34,813) USD k / (37 owned x 91 days); issuer prints no dayrate), held flat (owner ruling 2026-09-26).
- Dividend history's TCE covers pctc only — the payout fit is evaluated at that rate, $47,004/day, not the fleet mean.
What drives it — fleet TCE, 2026Q3
Dividend history & forecast accuracy
| Period | DPS | Kind | Ex-date | Pay date | Source |
|---|---|---|---|---|---|
| ex 2026-08-24 | $0.08/share | regular | 2026-08-24 | 2026-08-31 | as of 2026-08-31 key information announcement |
| ex 2026-05-18 | $0.49/share | regular | 2026-05-18 | 2026-05-28 | as of 2026-05-28 key information announcement |
| ex 2026-03-02 | $0.52/share | regular | 2026-03-02 | 2026-03-10 | as of 2026-03-10 key information announcement |
| ex 2025-11-10 | $0.16/share | regular | 2025-11-10 | 2025-11-18 | as of 2025-11-18 key information announcement |
Financials & fleet
Latest quarter 2026Q2 2 qtrs old
37× pctc current
Revenue model track record model vs realized
Each quarter priced at the previous quarter's realized rate, held flat — the figure the model holds once that quarter is reported — against the rate the fleet actually realized. Average miss 7.8% over 3 backtested quarters.
| Quarter | Record | Model $/day | Realized $/day | Model rev $M | Realized rev $M | Miss |
|---|---|---|---|---|---|---|
| 2025Q4 | backtest | 58,574 | 55,730 | 188.6 | 179.5 | +5.1% |
| 2026Q1 | backtest | 55,730 | 54,223 | 185.6 | 180.6 | +2.8% |
| 2026Q2 | backtest | 54,223 | 47,004 | 182.6 | 158.3 | +15.4% |
Backtest rows apply today's rule to past quarters using only the prior quarters' reported rates; live rows are the forecast as frozen on the date shown. Revenue is rate × vessel-days, so a miss here is a rate miss.
Fleet model — 2026Q3
Fleet model estimate — not issuer guidance.
| Class | Ships | TC | Spot | % Fixed | Guided $/d | Spot $/d | Blended $/d | QTD rev $M | Modeled Q rev $M |
|---|---|---|---|---|---|---|---|---|---|
| Pctc | 37 | — | — | — | — | — | 47,004 | — | 160.0 |
| Total | 37 | 47,004 | — | 160.0 | |||||
Guided rates are issuer-booked cover for 2026Q3 blended with the company's own realized rates for the open days.
Bear uses booked coverage only; Base prices open vessels at the company's own last realized fleet rate — no market index covers this fleet, so there is no peak-index Bull case.
Expected DPS suppressed: no verbatim payout policy located in the corpus — the cash walk cannot derive a DPS without a payout policy.
Expected DPS suppressed: no verbatim payout policy located in the corpus.
Model gaps & assumptions
pctc: no index and no guidance — priced at the issuer's own last realized fleet rate $47,004/day (2026Q2, derived: t/c-equivalent result per owned vessel-day — (total revenues 375,793 - bunker 75,341 - voyage 107,375 - charter hire 34,813) USD k / (37 owned x 91 days); issuer prints no dayrate), held flat (owner ruling 2026-09-26) · dividend history's TCE covers pctc only — the payout fit is evaluated at that rate, $47,004/day, not the fleet mean
Profit statement highlights
| Line | 2026Q2 | 2026Q1 | YoY Δ |
|---|---|---|---|
| Revenue | $375.8M | $359.9M | — |
| Opex | $29.0M | $28.8M | — |
| Net income | $85.6M | $102.6M | — |
reconciliation: reported figure missing (2026Q2) earnings bridge incomplete — treat income-derived figures as provisional
Full P&L grid — 4 quarters
| Line item | 2026Q2 | 2026Q1 | 2025Q4 | 2025Q3 |
|---|---|---|---|---|
| Revenue $M | 375.8 | 359.9 | 358.4 | 370.5 |
| Voyage expenses $M | 107.4 | 96.9 | 96.3 | 96.4 |
| Vessel opex $M | 29.0 | 28.8 | 28.1 | 27.9 |
| G&A $M | 7.2 | 7.1 | 6.3 | 5.6 |
| Depreciation $M | 32.4 | 31.1 | 30.5 | 32.4 |
| Interest expense, gross $M | 12.8 | 12.5 | 11.4 | 12.0 |
| Net income $M | 85.6 | 102.6 | 104.5 | 131.2 |
| Declared DPS | 0.08 | 0.49 | 0.52 | 0.16 |
Realized fleet TCE
Realized fleet TCE versus benchmark: 4 points, 2025-07-01 to 2026-04-01; Realized fleet TCE latest 47,004.00.
Benchmark comparison will appear once issuer-printed benchmark data is available.
Guidance & sources
Issuer guidance — forward-looking
No current-quarter guidance on file.
Historical guidance (7 rows)
| Period | Metric | Value | Coverage | As of | Source |
|---|---|---|---|---|---|
| 2026Q3 | EBITDA outlook — in line with Q2 2026 (Q2 printed USD 122m) | 122 USD millions | — | 2026-08-20 | |
| 2026Q3 | Gross freight rate, August 2026 (realized month) | 97.8 USD per cbm | — | 2026-09-10 | |
| 2026Q3 | Gross freight rate, July 2026 (realized month) | 99.3 USD per cbm | — | 2026-08-11 | |
| 2026Q3 | Net freight rate, August 2026 (realized month) | 80.7 USD per cbm | — | 2026-09-10 | |
| 2026Q3 | Net freight rate, July 2026 (realized month) | 80.6 USD per cbm | — | 2026-08-11 | |
| 2026Q3 | Transported volume, August 2026 (realized month) | 1.2 million cbm | — | 2026-09-10 | |
| 2026Q3 | Transported volume, July 2026 (realized month) | 1.4 million cbm | — | 2026-08-11 |
Sources — press, filings & documents
Press & filings by quarter
Recent documents
- mfn 2026-10-09T07:00:00 Höegh Autoliners ASA (HAUTO) - September 2026 Trading Update (2026-10-09)
- mfn 2026-09-10T07:00:00 Höegh Autoliners ASA (HAUTO) - August 2026 Trading Update (2026-09-10) pdf
- mfn 2026-08-31T15:36:12 Höegh Autoliners ASA - Registration of share capital increase (2026-08-31) pdf
- mfn 2026-08-31T11:47:03 HAUTO: Flagging i Høegh Autoliners ASA (2026-08-31)
- mfn 2026-08-27T15:34:13 HAUTO: Flagging i Høegh Autoliners ASA (2026-08-27)
- mfn 2026-08-25T23:59:08 Höegh Autoliners ASA - Successfully Completed Private Placement (2026-08-25) pdf
- mfn 2026-08-25T16:31:00 Höegh Autoliners ASA - Contemplated Private Placement (2026-08-25)
- mfn 2026-08-25T16:30:00 Höegh Autoliners ASA: Höegh Autoliners orders six additional Aurora class vessels (2026-08-25)
- mfn 2026-08-24T07:30:00 Höegh Autoliners ASA: Ex dividend USD 0.0839 today (2026-08-24)
- mfn 2026-08-20T07:35:00 HAUTO: Key information relating to the cash dividend to be paid by Höegh Autoliners ASA (2026-08-20)
- mfn 2026-08-20T07:30:00 Höegh Autoliners ASA: Second quarter results and distribution of dividends (2026-08-20) pdf
- mfn 2026-08-13T10:00:00 Höegh Autoliners ASA: Invitation to presentation of second quarter 2026 results (2026-08-13)