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.