Major car-carrier owner and operator Hoegh Autoliners went into the red last year because of the sale-and-leaseback of five vessels.

The Oslo-based company logged a pre-tax loss of $36.3m compared with a $7.8m profit in 2013.

It incurred a $46.8m loss on the sale of the 4,900-ceu ships Hoegh Beijing, Hoegh Xiamen (both built 2010), Hoegh Maputo and Hoegh Singapore (both built 2011) and 7,800-ceu Hoegh St Petersburg (built 2011).