Croatian shipowners, except for the largest, Tankerska plovidba, have published their financial results for the past year, another year in a period of historically low freight rates in the global dry cargo market. Dubrovnik’s Atlantska plovidba achieved total consolidated revenues of 365.8 million kuna last year, which is 28.7 percent less than the previous year, and the decline in revenue was partly caused by the sale of the Imperial Hotel.
Expenses were down by 55.1 percent, but the final result was a loss of 232.1 million kuna, although much smaller compared to the 815.4 million kuna loss in 2014. In short, shipping is still in the red, while hospitality is in the black.
Uljanik plovidba achieved business revenues of 230.2 million kuna in 2015 (a decline of 4.9 percent). The final consolidated result is a significant loss of as much as 474.9 million kuna (compared to 78.1 million kuna the year before), što is, they say at Uljanik plovidba, the result of the adjustment of ship values, increased expenses based on the write-off of unamortized value related to the sale of two oldest bulk carriers and large financial obligations.
– In the bulk cargo transport sector, this year’s movements are marked by a strong and continuous decline in freight rates and ship values, which reached a historical minimum in the last quarter and early 2016, across all routes and for all types of ships. A slight recovery in this sector began in mid-February 2016, and a stronger recovery is expected in the third quarter of this year – they say at Uljanik plovidba. However, in the transport of oil products, oils, and chemicals, freight rates have increased compared to the previous year, and the transport of clean cargo throughout 2015 was marked by stronger demand on all routes, as well as freight rates that allow for long-term orderly business operations and capital return. Movements in 2016 and forecasts for the upcoming period are very optimistic. Tankerska Next Generation, a subsidiary of Tankerska plovidba for the transport of oil derivatives that conducted an IPO last year, achieved revenue of 136 million kuna and a net profit of 34.5 million kuna in 2015. The company, led by John Karavanić, took over four new builds last year and achieved full fleet operational capability in December of last year, with total capital investments reaching 960 million kuna.
