Shipping major Maersk has sold a part of its shares in vehicle carrier Höegh Autoliners.

The carrier has divested a little less than 13.5 million shares in the Norwegian company, which was publicly listed in Oslo in 2021. The divestment equals approx. 7 percent of the car carrier.

The per-share price totals NOK 61, and the total value thus amounts to NOK 821.5m (USD 79.3m).

Following the divestment, Maersk still owns 19.3 percent of Höegh Autoliners, which currently benefits from the best market for seaborne vehicle transportation in a very long time.

Maersk’s plans of reducing its stake was announced on Tuesday afternoon, with Höegh Autoliners informing on Wednesday morning that a sale has been finalized.

Similar to many other car carriers, Höegh Autoliners was under hard pressure during the pandemic when shortage of microchips caused a slowdown in the automobile production.

The market has recently turned around, though, meaning carriers are now reaping big profits.

Investors have rewarded the development as well. Since Höegh Autoliners went public in December 2021, the share price has increased by more than 180 percent.

English edit: Kristoffer Grønbæk