Latest news from Heavy Lift & Project Forwarding International Magazine

'Difficult times' for Grieg Star

April 19 - Grieg Star states that its open hatch shipping business delivered better results than expected in 2015, posting a loss of USD7 million.

With impairments and loss provisions, the bulk division delivered a total loss of USD48 million.

Overall Grieg Star posted a decline in sales to USD529 million and an operating result before tax of USD -59 million, compared with USD -1 million in 2014.

"The organisation has worked well throughout the year, which is reflected in reduced operating costs and good income growth compared to the market," said Grieg Star ceo Camilla Grieg. "The result nevertheless reflects the difficult times in the industry."

According to Grieg Star, the decrease in revenue is mainly related to lower rates but also to lower activity, which has led to a reduction in operating costs. The company also experienced a loss of USD5 million on its financial investments in 2015.

"The bulk market will stay weak for some time yet, but our performance in 2015 and the beginning of 2016 prove we remain a strong operator in our business," said Grieg.

 

www.griegstar.com

Heavy Lift | News

Zeaborn to take full control of Zeamarine thumbnail image

Zeaborn to take full control of Zeamarine

April 18 - The Zeaborn Group has signed an agreement to acquire the remaining shares in Zeamarine – the joint venture with Intermarine that was established in May 2018.
Views: 163
Panalpina improves profitability thumbnail image

Panalpina improves profitability

April 18 - In the first three months of 2019, Panalpina boosted its profitability by 15 percent compared to the same period of last year.
Views: 87
Wallem sets out strategy change thumbnail image

Wallem sets out strategy change

April 18 - Wallem has rebranded its corporate identity to reflect the company’s updated strategy and service offering. 
Views: 102

Heavy Lift Across The World

Discover heavy lift and project logistics industry news from around the world by region.