Reports / January 01 2017

Annual report 2017

Financial Statements

Both shipping segments, but particularly open hatch had another tough year in 2017. While the over capacity of vessels in the dry bulk segment continued to weigh on supramax freight rates also in 2017, the earnings trend was positive through the entire year.

For open hatch, however, previous years’ low markets, was still impacting 2017 earnings, as the shift between low and high market earnings is far more slow for an industrial segment where the process of contract renewal takes several years before giving full effect. On the positive note, was a further reduction of the vessels’ operating costs and a good result on the group’s financial investments, both delivering better than expected, as well as the positive results from both Grieg Green and Squamish Terminals.

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