Siem in Profit for Q3
Oslo-listed Siem Shipping reported a net profit of USD2.5 million (Q3 2014: net loss USD-0.2 million).
The container lines are continuing to use very aggressive pricing strategies to win market share in the reefer segment.
The specialist reefer operators continue to fight back by highlighting the superior quality of the service they provide but the margins are being squeezed.
The forecasted El Niño climatic event is expected to change the banana supply mix in the coming months from Ecuador/Central America. Siem Shipping is well positioned to adapt to the change in demand whilst continuing to provide a first-class service.
The Company’s reefer strategy is to maintain its position as a leading specialist reefer operator and to provide its customers with a high-quality service at competitive prices.
Siem Shipping now controls a fleet of 28 vessels with a capacity of 16 million cbft. In the first half of 2015, the Company entered the car carrier market as a tonnage provider by agreeing to construct two 7,000 ceu pure car and truck carriers (PCTCs) for delivery in the second half of 2017 at the Uljanik d.d., a shipbuilder based in Croatia.
The Company is also continuing to evaluate opportunities in other sectors of the shipping market.
