Vessel sale gives GC Rieber Shipping best quarterly result in its historyCompany News // November 8, 2013
GC Rieber Shipping has delivered the best quarterly result in the company's history. The company had an overall fleet utilisation of 96 per cent in the third quarter of 2013, corresponding to the same level in the third quarter last year. The sale of a vessel has released a substantial amount of cash and GC Rieber Shipping says it is well positioned for further growth.
Operating income for the third quarter amounted to NKr 230.1 million, representing an increase of 10 per cent from the same quarter last year. EBITDA was NKr 137.9 million, up from NKr 106.9 million, and represents an EBITDA margin of 60 per cent. The increase in EBITDA margin was primarily due to termination of a UK Tax Lease agreement for the vessel Ernest Shackleton, which gave an accounting gain of NKr 22.7 million.
GC Rieber Shipping had a historical good result of NKr 439.5 million in the third quarter, compared to NKr 60.2 million in the same period in 2012. The result is mainly due to the sale of the vessel HMS Protector in September 2013. Normalised profit after tax amounted to NKr 69.7 million.
"The good result in third quarter confirms the company's sound underlying operations. Through the sale of Protector we released substantial funds, and we have strengthened our financial position further. As a part of our business model, strategic sale of vessels enables further investment in new vessels in our core markets," said the company's CEO Irene Waage Basili.
As of 30 September 2013, GC Rieber Shipping had a solid contract backlog of NKr 3.1 billion with average contract duration of 2.5 years.