Bergesen Group Reports First Quarter Results

Tuesday, May 13, 2003
The Bergesen group generated a first quarter operating profit of $10.7 million in 2003, down from $25.6 million last year, including a net loss on the sale of vessels of $0.6 million compared to a gain of $10.4 million last year. Freight income on a T/C basis totaled $122.8 million, compared with $114.5 million in 2002. Despite a strong tanker market, weak results in the other segments caused the total operating profit to fall. Operating expenses totaled $82.6 million, compared to $71.9 million in 2002. The USD appreciated from NOK 6.97 to NOK 7.29 over the quarter. The first-quarter average USD/NOK exchange rate was 7.06, compared with 8.91 in 2002. The drop in the average USD exchange rate contributed significantly to the increase in operating expenses as a large proportion of these expenses are incurred in NOK. The accounts show net financial income of $0.6 million after net interest expenses of $6 million and net foreign exchange gains of $9.6 million. Profit before tax came to $11.3 million, down from $30.8 million last year. Profit after tax $10.2 million, compared to $30.5 million last year.
Maritime Reporter October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

W&O, LESER Partner to Deliver Safety Relief Valves

W&O, a global supplier to the marine and upstream oil and gas markets for pipe, valves and fittings, valve automation and engineered solutions, has partnered with

Fednav Celebrates Anniversary Trio in Cleveland

Fednav Limited held a reception on board one of its vessels, the Federal Mayumi, at the Port of Cleveland yesterday to celebrate a trio of anniversaries: the 70th

Karl Senner Inks Distribution Deal with Electronic Power Design

Karl Senner, LLC (KS) has reached a new strategic representation agreement with Electronic Power Design (EPD). Karl Senner, LLC now represents EPD in the United States marine and offshore Markets.

Finance

New Company Takes Over OW Tanker

OW Tanker, a unit of bankrupt OW Bunker and owner of its marine fuel supply ships, has been taken over by a newly-created company, the fleet manager told Reuters on Wednesday.

WRRDA: Clearing the Channel for P3 Projects

A Creative Combination for Financing Inland Waterways Infrastructure Earlier this year, the U.S. maritime industry in general, and the inland waterways industry in particular,

Choosing the Best Financing Proposal

It isn’t always about the rate. In a robust boatbuilding market – like the one we see now – even the most successful, financially stable operators need to borrow.

 
 
Naval Architecture Navigation Offshore Oil Pipelines Port Authority Salvage Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1580 sec (6 req/sec)