Siem Renews Contract for Seven Reefers

Maritime Activity Reports, Inc.

May 27, 2016

Photo: Siem Shipping Inc

Photo: Siem Shipping Inc

 Norwegian liner Siem Shipping Inc. has won a one-year contract renewal for a regular weekly service from Ecuador to St. Petersburg, Russia. The contract extension for the service covers seven reefer vessels.

The service, which employs seven vessel, is largely for banana trades and has been renewed for an additional year. 
The company did not, however, disclose any further details on the value of the contracts or expected start date.
Star Reefers has been operating between Ecuador and Saint Petersburg for years and recently introduced an interim stop in Vlissingen, Netherlands.
The  Oslo-listed reefer player has started 2016 strongly with a near eight-fold increase in first quarter net profit. Net income for the quarter was $3.9m versus the $500,000 seen a year ago.
The improved result was driven by a near 10% year-on-year increase in revenue to $47.5m, while costs only increased 4% to $8.6m.
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