Hoegh completes exit from reefer shipping
Leif Hoegh & Co. ASA, the diversified Norwegian shipping group, has sold its 36-percent shareholding in a reefer shipowning company, thereby completing its exit from the reefer shipping business.
Hoegh’s shareholding in Lady Navigation Inc., a company that owns the two reefer vessels “Lady Racisce” and “Lady Korcula,” was acquired by Frigo Navigation Ltd. on private terms.
In 2000, Hoegh sold its commercial reefer operation, Cool Carriers, to J. Lauritzen. At the time, it owned interests in 15 reefer ships.
“We have worked dedicatedly to exit the reefer segment since the sale of Cool Carriers in 2000, and the somewhat improved reefer market this year provided the opportunity to complete the exit,” said Thor Jorgen Guttormsen, president of the Hoegh group. “Our strategy is to focus on (the) roll-on/roll-off and liquefied natural gas business.”