Höegh Autoliners shares fall after 'softer' update and 'more muted' outlook

About this update from Hoegh Autoliners Asa

** Shares in Norwegian car carrier Höegh Autoliners OSL:HAUTO fell as much as 9% after the company released its September trading update ** The average gross freight rate declined to USD 90.3 per cbm in September, down from USD 92.3 per cbm for the quarter overall ** Höegh said it expects Q3 EBITDA to be at the low end of its previously communicated guidance, which was issued following its Q2 results ** "The CEO of Höegh highlighted that Q3 has been impacted by weakening trade balance which is likely to continue," note analysts for SEB ** They add the company reiterates that it has increased short-term charter exposure, highlighting the increased cost element of this ** SEB also points to implementation of USTR port fees which is likely to add cost pressure in coming months if implemented as planned ** "Overall, a softer update and more muted outlook from the company," says the brokerage ** Share on track for its worst day since May ** Shares in Höegh's peer Wallenius Wilhelmsen OSL:WAWI fell 5% in morning trade

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