Norway’s Hoegh Autoliners has been able to maintain freight rates at all-time highs despite a drop in non-car volumes. The Oslo-listed owner said its vehicle carriers transported 1.4m cbm of cargo in November, and 4.1m cbm including September and October. The average gross freight rate in November was $87.90 per cbm, up 8.9% compared with the average across the third quarter. The net freight rate was $69.90 per cbm, a rise of 11.8%.

The share of high and heavy (H/H) and breakbulk cargoes was down at 25% of the total, against 29% over the last three months, however. Chief executive Andreas Enger said: “In November, we saw high volumes in all trade lanes and all sailings were full. “Despite more car volumes on account of high and heavy/breakbulk, we were able to maintain rates at record levels and the rolling three-month average net rate increased $2.90 per cbm to $69.60 per cbm.”

In a note to clients, Fearnley Securities said the figures suggest that car margins are closing in on those for H/H cargoes. The investment bank is maintaining its positive view on the car carrier sector, where margins and volumes are on the rise. A “solid” fourth quarter is expected, Fearnley Securities added. Hoegh Autoliners is continuing to add valuable car carrier capacity to its owned fleet at bargain prices. Last month, it declared an option in its bareboat charter to buy the 8,500-ceu Hoegh Trapper (built 2016) for $53.2m from Norwegian sale-and-leaseback company Ocean Yield. The average market value of the vessel estimated by three different brokers was $96m at the end of September. VesselsValue estimated the Hoegh Trapper was worth $106.8m at that point.