Bergesen: Tanker Weakness Leads To 4Q Decline

Friday, November 12, 1999
Norway's largest shipping firm Bergesen d.y. Group ASA last Thursday forecast results to decline in the fourth quarter compared with the third due to fewer tankers under contract and weakness in the spot market. "It is expected that the operating result in the fourth quarter will be weaker than in the third quarter because of fewer tankers under contract and continued weak earnings in the spot market," the company said. "In addition, the spot market for small gas ships is also weak." Bergesen said, however, that there were signs of the market turning to a more positive development path. It said that most recent macroeconomic data confirmed a broadly based rise in the largest Asian economies, together with a more positive outlook for Europe. The company saw its nine-month pre-tax profits tumble 43 percent to 445 million crowns against 783 million crowns in the same year-ago period.

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