Marenave Schiffahrts AG: Q3 financial report published
Marenave Schiffahrts AG further improves consolidated net profit
The welcome development continues to run counter to the prevailing trend for the majority of market participants from among the owners of charter tonnage. The reasons for these positive developments are found in the investment and deployment strategy. The diversified employment of the fleet as well as the mix of spot and long-term fixed chartering makes it possible to more than offset the negative contribution to the consolidated results of segments affected by crises. The time charters of four Supramax bulkers from the Company's new construction program completed in May 2011 once again proved particularly helpful in this respect.
Additionally, Marenave's six product tankers performed well. Given that the third quarter of any year usually is one of the weakest quarters, actual earnings performance gives reason to believe that the earnings will improve even further in the upcoming cold winter months.
In contrast to this positive operational development, ship financing climate remains to be rough and banks' demands with respect to restructuring plans are still tight. Hence, a long-term solution for the restructuring of a part of group's financing was not finalized yet. However, the executive board remains confident that this will be achieved by year-end.
Marenave Schiffahrts AG
Marenave Schiffahrts AG is the first publicly traded shipping company in Germany organized as a joint-stock corporation under German law (AG, Aktiengesellschaft). It was developed so that institutional and private investors could obtain long-term access to the shipping market and diversify their portfolios further. Marenave Schiffahrts AG runs a diversified portfolio of container vessels, tankers and bulk freighters. The fleet currently totals thirteen units: six panamax and handymax product/chemical tankers, two 1,200 TEU container vessels, one car carrier and four Supramax bulkers.
Mid-/Long-term charter agreements for the car carrier and the bulkers have secured charter revenues in an amount of approximately USD 260 million.
Listing on the stock exchange puts Marenave Schiffahrts AG in a position to raise new 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.