Following hot on the heels of Gianluigi Aponte’s $700m bid for Gram Car Carriers, another Italian shipping magnate has emerged as a fan of the Norwegian car carrier scene.
Emanuele Grimaldi has picked up a 5.12% stake in Höegh Autoliners becoming the company’s second-largest shareholder after the Höegh family which holds 35.5% of the shares.
Grimaldi, who heads up the Grimaldi Group, owns 9.78m shares worth about NOK1bn at today’s market price.
Rumours of the Naples-based car carrier owner’s potential takeover of its Norwegian peer started last year when Maersk cashed out of Höegh Autoliners. Grimaldi has yet to reveal his intentions but analysts in Norway speculate the 5% stake might not be just for the sake of the investment.
Car carriers have been among shipping’s hottest sectors in recent years. A shortage of tonnage after a decade of limited orders lifted their value as rates hit record levels after a post-pandemic rebound in car demand. This subsequently pushed many owners in the segment to secure slots, mostly in China, for supersized vessels.
Grimaldi, which currently owns about 25 car carriers has been massively working to expand its fleet and is set to welcome close to 20 newbuilds in the next two years.
Meanwhile, the Andreas Enger-led Oslo-listed operator of around 40 car carriers has 12 multi-fuel and net zero carbon ready Aurora class 9,100 ceu ships delivering from 2024 through 2027.
