Nordic Circles and Höegh Autoliners $HAUTO (-1,09 %) announce the agreement on the Blue Talks stage at Nor-Shipping in front of maritime industry leaders from around the world, including high-level speakers such as John Kerry and Andrew Forrest from Fortescue, underlining the global significance of the initiative.

The project will create a circular value chain where decommissioned ships are reused in Norway as environmentally friendly building materials.

The agreement covers up to eight Höegh Autoliners vessels, with the first upcycling to be completed in 2026. These eight ships alone could reduce carbon emissions in the construction industry by 100,000 tons of CO2.

"We want to be the greenest ocean shipping company and have set ourselves a net-zero target by 2040. That is why we are building the largest and greenest car carriers in the world and investing in the use of green ammonia as a fuel from as early as 2027," says Sebjørn Dahl, COO of Höegh Autoliners. "With this agreement, we are ensuring sustainability from cradle to grave and laying the foundation for a new green industrial adventure in Norway. We are very proud of this."

The agreement is worth NOK 1.3 billion. The first vessel will be decommissioned at AF Offshore Decom in Vats.

Adding to the confusion about the new fuels is the fact that there is a good and a bad version of each of them. The scientific evidence on gray ammonia, gray methanol and palm oil biofuel shows that these fuels, if adopted, are likely to be worse for the planet than the unabated continuation of fossil fuel consumption.

Conversely, green methanol, green ammonia and biofuel produced from real waste and residues could significantly limit the production and consumption of fossil fuels. For this reason, it is crucial that there is clarity about which fuels shipping companies ultimately intend to use.

Höegh Autoliners $HAUTO (-1,09 %) is focusing on ammonia, explains CEO Andreas Enger, and is committed to the fuel where the competition is not yet so far ahead. "Ammonia is more scalable and will be cheaper than methanol, clearly," said Enger. "We don't want to take a clear position on green or blue ammonia, but we have no intention of using gray ammonia. Maybe we will use it for testing.

"We would be happy if the mass balance is organized through certificates that allow us to exchange the molecules. We would like to do that. But when it comes to using these containers to scale the consumption of gray ammonia - no, we wouldn't do that.

In a speech a few weeks before the MEPC 83 ruling at the IMO, Enger emphasized that green fuels, which are currently in short supply, could be made available "if there is a regulation that stimulates demand and incentivizes the switch from fossil fuels to green fuels."

"In the beginning, it wasn't about saving the world, it was about the need for new ships to renew the fleet... it was about figuring out what kind of ships you need to build to make them sustainable over an expected 30-year lifespan. The Chinese aren't buying EVs to save the world, they're buying them because they're cheaper. That's why it's so important that people develop the technology to make it possible.

The outcome of MEPC 83 is "absolutely crucial" for this, says Enger. "The decarbonization of shipping will not happen because we build such ships - it will only happen if our customers are incentivized by regulation and market forces. We don't choose the fuel for our ships, our customers do."

After a contentious MEPC meeting that ended with a weak compromise, Enger is likely disappointed with the outcome. "Green energy, solar energy in the right places in the world, is getting to a price level where it is absolutely feasible. But that's not going to happen as long as it's absolutely free to emit carbon," Enger added.

The fifth Aurora-class multi-fuel vessel from Norwegian shipping company Höegh Autoliners $HAUTO (-1,09 %) has left the shipyard of China Merchants Heavy Industry and is ready to enter commercial service.

It has been announced that the 9,100 CEU Höegh Sunrise is on its way to Shanghai, where it will be bunkered before sailing to Japan and eventually Europe.

Described as the "largest and most environmentally friendly car carrier class currently sailing the world's oceans", Höegh Autoliners' twelve Aurora class units are equipped with multi-fuel engines that can run on marine gas oil (MGO) and liquefied natural gas (LNG). A transition to carbon-free fuels is possible with appropriate ship modifications.

The Auroras are set to be the first in the PCTC segment to be classified as ammonia and methanol compatible by the classification society DNV.

As part of Höegh Autoliners' goal to be a zero-emission operator by 2040, the PCTCs are expected to be able to reduce carbon emissions per car transported by 58% compared to the current industry standard.

The company emphasized that the vessels can be connected to the electricity grid on land, which means that all auxiliary engines can be switched off and cargo operations can be carried out with zero emissions while in port.

As a reminder, the first two Aurora-class vessels, Höegh Aurora and Höegh Borealis, were delivered in August and October 2024, while the third and fourth units, Höegh Australis and Höegh Sunlight, joined the fleet in January 2025.

The shipping company expects all Auroras to be delivered and commissioned in the first half of 2027.

It is worth noting that just days after the delivery of its fourth Aurora-class multi-fuel PCTC, Höegh Autoliners signed two long-term contracts with two unnamed "major international car manufacturers" for the transportation of cars in the company's main trade lanes.

One contract reportedly runs until April 2029, while the other is for two years with a further two-year option. According to the company, both contracts were concluded at prices and conditions in line with current market levels.

Dear community, I'll provide a link as an example $OMV (+0,42 %)
$HAUTO (-1,09 %)
$BNP (+0,57 %)
$VOLV A (+0,59 %) because they pay good dividends and withholding tax is properly deducted.

If you want to save yourself the hassle of withholding tax refunds, couldn't you just sell the share the day before the ex-date and buy a new one the next day? As a rule, the share price falls by exactly the price of the dividend, sometimes even more. This way you indirectly get the dividend into your home, but you don't have to wait for the next calendar year or deal with the bureaucracy. Of course it's annoying because of the transaction fees, but depending on the volume and broker, these may also be limited. (Incidentally, you can also reduce taxable gains with a long investment horizon in this way, as you remain within the tax-free allowance and therefore do not realize the gains only after ten or twenty years).

I wonder whether this strategy has ever been seriously considered, discussed or even tried out by anyone.

In my case, I will probably try it out in two weeks with OMV, as I currently still hold the share with Revolut, but I am gradually "transferring" my European shares in particular to Trade Republic - not least because Revolut always pays so many fees into its own pocket for dividends and Revolut is also very annoying as a broker in other respects.

I'm curious to know whether you think this plan is completely crazy or somehow sensible. LG

$HAUTO (-1,09 %) Could it be that the key figures given are not correct?

approx. 14 billion capitalization? 33 € earning per share...

Where is my mistake?

Even though the course was not so great this year, I am satisfied with $HAUTO (-1,09 %) . Despite the book losses, I am well in the black thanks to dividends.

Hoegh Autoliners $HAUTO (-1,09 %) is stepping up the pace: the car transport specialist is massively expanding its fleet and relying on the largest and greenest ships in its class. What does the company expect from this multi-million euro investment in the future?

The Norwegian company is getting down to brass tacks and has currently drawn up options for the construction of four additional special ships for vehicle transport (PCTC - Pure Car and Truck Carriers). This brings the total number of newbuildings of the modern Aurora class on order to twelve ships.

The new freighters will be built at the Chinese shipyard China Merchants Heavy Industry in Jiangsu. Hoegh Autoliners is also securing flexibility: further options for up to eight additional ships, divided into two packages of four, remain available. These steps underline the company's clear commitment to modernizing and expanding its own capacities.

Current share price performance

As of May 9, 2025, the Höegh Autoliners share was trading at around € 6.57 on German stock exchanges. This corresponds to a decline of around 47% compared to the 52-week high of € 12.38 in September 2024. Nevertheless, the share price has recovered by almost 30% since the 52-week low of € 4.99 in April 2025.

Fundamental key figures

• Price/earnings ratio (P/E ratio): approx. 2.4
• Earnings per share (EPS): € 2.18
• Dividend yield: approx. 35
• Market capitalization: approx. € 1.25 billion

These key figures indicate a favorable valuation, whereby the high dividend yield could be particularly attractive for income-oriented investors.

Dividend policy and cautionary note

In the first quarter of 2025, Höegh Autoliners paid a dividend of USD 0.8282 per share (approx. NOK 8.61), with an ex-dividend date of May 5, 2025 and a planned payout on May 14, 2025. Over the last twelve months, the total payout amounted to USD 4.41 per share, which corresponds to an impressive dividend yield of around 60.7% at the current share price of around USD 7.26.

Although this high yield may be tempting for investors, caution is advised. Such exceptionally high dividend yields can be a sign of potential risks, such as falling freight rates, economic slowdowns or structural challenges in the shipping sector. It is therefore advisable to critically question the sustainability of the dividend policy and carefully analyze the company's long-term earning power.

$HAUTO (-1,09 %)

In April 2025, Höegh Autoliners transported $HAUTO (-1,09 %) 1.2 million cbm of freight on a pro rata basis. The cargo transported in the last three months

months (February - April) amounted to 3.6 million cbm.

The average pro-rata gross freight rate in April 2025 amounted to USD 95.4 per cbm (+0.5%

compared to the average gross rate in Q1 2025).

Average pro rata gross freight rate

in the last three months was USD 93.7 per cbm.

The average pro rata net freight rate in April 2025 amounted to USD 80.8 per cbm (+0.5%

compared to the average net freight rate in Q1 2025).

The average pro rata net freight rate for the last three months was

three months was USD 80.0 per cbm.

The share of HH/BB in the pro rata volumes transported amounted to 21% in April. In the last three months, the

the HH/BB share was 19%.

Andreas Enger, CEO Höegh Autoliners, comments: "Sales in April were in line with our expectations.

our expectations. After a somewhat slow start to the year, volumes are gradually increasing

gradually increasing and the net rate is stabilizing as the newly contracted volume, which started in

2025 has started is fully included in our run rate."

Here is the promised article on the refund of withholding tax on Norwegian shares. The first part deals with the preparations and the registration with the Norwegian tax authorities, the second part contains the completion of the online form.

As a placeholder times $EQNR (+0,43 %) , $HAUTO (-1,09 %) , $VAR (+0,02 %) , $MPCC (-2,97 %) , $TEL (+0,37 %) , $AKRBP (-0,96 %) , $TOM (+0,11 %) exemplary.

Edit: This only applies to tax residents in Germany. Please enquire in Switzerland, Austria or elsewhere in Europe about the regulations that apply there. Many thanks to @GeldGenie who has created a corresponding article for Switzerland, which I am linking here: Quellentsteuer Schweiz

Norway has strong companies with some extremely attractive dividend payouts. However, some people are not aware that these dividends are subject to Norwegian withholding tax without any offsetting. This means that in addition to the 25% Norwegian withholding tax, the custodian bank also pays the capital gains tax plus solidarity surcharge and, if applicable, church tax, which means that less than half of the dividend is credited.

Don't worry, the money is not gone, it just belongs to someone else for the time being. Norway refunds 10% withholding tax on application. This can be done easily and online and can also be done retroactively for several years, for a maximum of 5 years. You can get the remaining 15% from the German tax authorities via your income tax return. A few more tips at the end.

First collect all dividend vouchers showing the withholding tax deduction. Most companies pay out quarterly, so there should be 4 receipts per calendar year. You will need these in pdf format. If you are applying for a refund for several years and have more than one share in your portfolio, here is an important note: You can submit a maximum of 10 PDFs of 50 MB each attached. I will then combine the individual receipts per share into one PDF.

Apply for the tax residence certificate at your local tax office. You can find the form at: https://www.formulare-bfinv.de/ffw

Enter form 034450 in the search. You can fill out the form in your browser and then save it as a PDF and print it out. Important! Send it signed in duplicate to the office. A short cover letter with the subject "Application for a tax residence certificate for the purpose of reimbursement of overpaid withholding tax in Norway" and a short two-liner are helpful. I usually receive a confirmation copy back after 1 to max. 2 weeks. Scan and save as PDF.

Then you can already register in Norway. Under the following link Bei Altinn anmelden you can create a new user. The site is only available in the national language or in English. I use English and have activated the automatic website translation via Google, then it even works in German ;-) For the first registration, logically create a new user. Username, email, password and the security question and continue.

When you receive confirmation that a new account has been created for you, click on done and that's it with the preparations.

You will receive a 10% withholding tax refund via this process. More is not possible, even if it is described differently in various forums. You can tick the maximum refund in the form, but an error message always appears before you submit the form. So simply get 10% tax back quickly and easily and then the rest via the German tax office. If you have submitted the application in Norway quite early in the year, the refund amount should be certified by the submission deadline in Germany. Otherwise, simply take the difference (25% - 10% potential refund = 15% withholding tax on your total dividends) and enter this amount, or add it to any other amounts applied for. In the first step, tax declarations are made paperless anyway, so you can relax and have the receipt from Norway until any queries arise. However, I see difficulties with the German FA recognizing this retroactively. I therefore handle it a little more elaborately and actually have the withholding tax refunded annually and the rest via the income tax return at the same time.

If you have never done the refund in Norway before, then at least get the 10% back for the last few years and the 15% for 2024 via the KAP annex. Depending on the amount, you decide which way you want to go.

If you have any questions, please leave them in the comments and I will try to answer them as soon as possible.

Part 2 will follow in a few days with details on the form and further tips.