en.Wedoany.com Reported - Oslo-listed car carrier operator Höegh Autoliners has renewed an existing contract with a major Asian automaker, with the deal expected to generate approximately $300 million in revenue for the company.

The contract will run through December 2029, covering vehicle transport operations on a key trade route. Under the new agreement, committed volumes have increased, and commercial terms have been adjusted in line with current market rates.

Höegh Autoliners CEO Andreas Enger said the renewal helps the company build a contract backlog with strategically important customers. Additionally, the agreement includes the port of Xiaomo in southern China within the coverage of Höegh's Asian service network.

Höegh currently operates a fleet of approximately 40 vessels on global routes, making over 2,000 port calls annually, carrying vehicles, high-and-heavy cargo, and breakbulk goods.

Against a backdrop of sustained capacity constraints, long-term contracts for car carriers are gaining strong momentum, as operators solidify business by locking in volumes with major automakers. Höegh has recently signed several contracts, including a major electric vehicle transport agreement covering Asia-to-Europe routes valid through 2028, a five-year contract for North America to the Middle East, and multiple renewal documents with international automakers.

This transaction follows in the footsteps of competitor Wallenius Wilhelmsen, which recently added approximately $420 million in revenue by renewing a contract with a major European automaker three years early.