Leadership Reshuffle at Hoegh Autoliners Signals Strategic Pivot

Norwegian shipping giant Hoegh Autoliners has announced a significant executive realignment, with Chief Financial Officer Per Øivind Rosmo stepping down after a four-year tenure to assume a new position within the company. Espen Stubberud, the current Chief Trade & Capacity Officer, has been appointed as his successor. This management overhaul raises questions about the strategic direction the company is communicating to the market.

Operational Excellence and Strategic Timing

The transition occurs against a backdrop of strong operational performance for the carrier. The company reported transporting 1.1 million cubic meters of cargo during September. Notably, this volume moved at average gross freight rates of $100.5 per cubic meter, marking the third consecutive month that rates have surpassed the significant $100 threshold.

A key contributor to this stability is the company’s contract structure. Approximately 75% of all cargo transported is secured under long-term agreements with strategic clients, providing a solid revenue foundation amidst market volatility.

A New Role for a Veteran Leader

Per Øivind Rosmo’s legacy as CFO is distinguished. He successfully steered the company’s finances through the turbulence of the pandemic and led a successful initial public offering in 2021. Under his financial leadership, the company established what it describes as “the most resilient capital structure in its history,” which includes no major debt maturities until 2030.

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His next assignment, effective January 2025, will be to lead the company’s Manila office. This hub is the corporation’s largest global operational center, with oversight of finance, legal, IT, human resources, and entire fleet operations. Placing a top-tier executive in this role underscores the strategic importance of the Manila hub and signals a focus on strengthening direct control over core operations.

The Incoming Finance Chief’s Profile

Espen Stubberud brings a formidable 18 years of company experience to the CFO role. His academic credentials include a degree from the prestigious Norwegian School of Economics (NHH) in Bergen and completion of the Advanced Management Program at INSEAD. His most recent position as Chief Trade & Capacity Officer has given him deep insight into the critical levers of the business, making him intimately familiar with its operational and strategic nuances.

His appointment appears strategically aligned with the company’s current priorities. Hoegh Autoliners is placing a heightened emphasis on active asset management, an area where Stubberud has direct expertise. Recent moves, such as the sale of the vessel Höegh New York for $60.6 million, exemplify this strategic focus on optimizing the fleet portfolio.

Fleet Modernization on the Horizon

With a fleet of approximately 40 Roll-on/Roll-off (RoRo) vessels and an annual schedule of roughly 3,000 port calls, Hoegh Autoliners faces significant decisions regarding fleet renewal and modernization. Stubberud’s extensive background in capacity strategy and vessel transactions positions him as a key figure in guiding these crucial, capital-intensive decisions in the years ahead.