Herning Shipping loss of 16.2 m euro
SHIPPING: The herning shipping group's EBITDA in 2009 totalled 2.8m euro, compared to 18.5m euro in 2008. Profits after tax amounted to a loss of 16.2 m euro compared to a profit in 2008 6.8 m euro.
"The freight rates and the activity level within our business segments in 2009 did not turn out as we expected and the 2009 results are very unsatisfactory", says Lars Vang Christensen, CEO, herning shipping.
The Results of the year was negatively impacted by an extraordinary loss relating to costs accrued during the building of a newbuilding which was cancelled immediately prior to its delivery, and by costs relating to the positioning of newbuildings from the Far East into Europe.
Herning shipping anticipates considerably improved results for year 2010. Gaining from converting loans from euro to dollar combined with the operational results the Group has achieved a net profit for the first four month of the year.
In 2009 herning shipping took delivery of 5 newbuildings and sold 3 older vessels, and the average fleet age was further reduced in consequence thereof. By the end of 2009 the operated fleet counted 39 vessels with an average fleet age of 3.5 years. Thus, the fleet operated by herning shipping is one of the absolutely youngest and most modern IMO II fleets within the product and chemical tanker markets and within our niche.
During 2009 the herning shipping group managed to reduce and replace a large part of its fleet of timecharter vessels. End year the tonnage under the Company's control counted 245,000 DWT.
Source: Herning Shipping / maritimedanmark.dk
