Marenave Schiffahrts AG: Q2 financial report published
Marenave Schiffahrts AG further improves consolidated net profit
In the second quarter of 2013, two ships out of a fleet totaling thirteen units completed their major dry-docking inspections for classification purposes as planned. The earnings momentum of the first quarter of 2013 slowed in the second quarter due to fewer days of employment. Furthermore, two Supramax bulkers were returned on schedule from their initial multiple year employment and are now employed at considerably lower current market rates.
The fact that consolidated net profit for the period increased despite these adverse conditions can be attributed in particular to the market recovery in the product tanker segment. The six product tankers represent the most important part of the Marenave fleet. In light of the increasing improvement in the product tankers' market environment - together with the stable income from the employment of two bulkers under long-term charter agreements and one car carrier - Marenave Schiffahrts AG is well-positioned to weather the years that lie ahead of us in the global shipping crisis.
An analysis of the results of operations should include the single voyages completed in first half of 2013 (spot market), which incurred ship voyage costs totaling EUR 1.9 million that were reimbursed through increased freight rates. As a result, both revenues as well as ship operating expenses increased. In addition, investments were made in crane grabs in the second quarter to improve the marketing of two bulkers.
In order to emerge stronger from the shipping crisis, the Company considers expanding the fleet to be the most urgent task for the future, whereby investments in new "eco-design" tonnage are also being considered. CEO Tobias König on this topic: "In addition to lower cost prices, today's generation of ships also operate more cost-efficiently. Charterers are prepared to pay higher charter rates - at least in part - for these advantages."
After the financing of the existing fleet was restructured at the beginning of the year and placed on solid footing, ways to raise more capital will be examined in the future.
Marenave Schiffahrts AG
Marenave Schiffahrts AG is the first publicly traded German shipping company organized as a joint-stock corporation under German law (AG, Aktiengesellschaft). It was developed so institutional and retail investors could obtain long-term exposure to the shipping market and diversify their portfolios further. Marenave Schiffahrts AG operates a diversified portfolio of container vessels, product tankers and bulk freighters. The fleet currently totals thirteen units: six panamax and handymax product/chemical tankers, four Supramax bulkers, two 1,200 TEU container vessels and one car carrier.
As a listed company Marenave Schiffahrts AG is in a position to raise fresh capital for the acquisition of additional vessels as needed and given the appropriate market conditions. This will allow the current favorable market phase to be used for the targeted fleet expansion and thus an extension of operations in the maritime city of Hamburg.
Marenave Schiffahrts AG is one of the few German shipping companies with a corporate structure that leading banks view as a necessary condition for financing future projects.
For more information about Marenave Schiffahrts AG, please visit www.marenave.com. The shares of Marenave Schiffahrts AG are presently traded on the Regulated Market of the Hamburg Stock Exchange.