Marenave Schiffahrts AG: Halfyear financial report published

Marenave Schiffahrts AG further improves consolidated net profit

(lifePR) ( Hamburg, )
Marenave has published its halfyear financial statements as of 30 June 2012. The bottom line is a consolidated net profit of EUR 4.0 million for the first six months of the year. The consolidated net profit for the first three months could thus be augmented.

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 longterm 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 proved particularly helpful in this respect.

But rough climate for the shipping industry on the whole has grown even harsher. Uncertainty has been exacerbated by the complete exit of Commerzbank AG from ship financing. Tobias König (CEO) comments on this as follows: "Germany as a shipping location is yet again called into question and calls for government aid for the battered shipping industry are growing ever louder. Without forming a judgment about these demands, we must assume that the number of insolvencies and ship fire sales, which are already considerable, will grow even larger in the coming months."

The strategic goal of Marenave AG is the further growth of its fleet. Mr. König observes: "This is still a time to purchase ships on favorable terms, and many market participants expect that there will be attractive investment opportunities in the next few weeks. As a listed stock corporation, we find ourselves well positioned to profit from the coming changes."
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