Rederi AB Gotland Announces Interim Financial Report for 2018

M/V CIELO DI JARI (Image Courtesy: Marine Traffic)

Rederi AB Gotland group announced the interim financial report of the company between January 1 and August 31, 2018. The company reported a profit of SEK 329 M (327). Profit after financial income and expenses decreased from SEK 304 million to SEK 277 million. The company’s turnover was SEK 1,737m (1,653).

Investments: The Group’s gross investments amounted to SEK 19 M (347) during the period.

Financial position: The Group’s cash and cash equivalents amounted to SEK 3,293 M (2,296). Interest-bearing liabilities amounted to SEK 2,019m (1,717). The equity ratio was 57% (58%). Equity per share of SEK 1,546 million (1,427).

Company Income Parent Company’s profit after financial income and expenses amounted to SEK 157 M (34). Net sales were SEK 144 million (157).

Shipownership: M / S Visby, M / S Gotland, HSC Gotlandia and HSC Gotlandia II has been employed in Gotland traffic during the period, where M / S Gute was also employed.

The company has two newbuilding projects under construction on the GSI shipyard in China for passenger and freight vessels with capacity for 1,650 passengers each. Both vessels will be able to operate with liquefied natural gas, LNG, with significant environmental improvement.

The Group owns four sister ships in Gotland Class of 53,000 tonnes each, each of which has commercial management at Hafnia Management A / S. M / T Gotland Carolina and M / T Gotland Marieann has engineering and crew management at W.Ship UK.

The company owns the sister ships M / T Alice and M / T Ami of each 39,000 tonnes, which has commercial management at Hafnia Management A / S with engineering and crew management at V.Ships UK Ltd.

In addition, since December last year, the Group owns 80 per cent in the product tankers M / T Wisby Atlantic and M / T Wisby Pacific of 49,000 tonnes, each of which has been abducted to Stena Bulk with engineering and crew management at Wisby Shipmanagement AB.

During the period, the Group owned twelve smaller, fast-paced service vessels with a focus on the wind power sector at sea. These service vessels are operated by Northern Offshore Services A / S and are employed in the wind power industry in northern Europe. In October 2018 four of the vessels were sold and the Group now owns eight fast-service service vessels.

In October 2018, M / V Cielo di Jari was acquired at 39,000 tonnes, which is the first of two ships that, after conversion, will transport orange juice in Wisby Tanker’s direction in a long-term industrial project. The deal is part of in-depth cooperation with Wisby Tankers. The Group has previously owned M / T Wisby Atlantic and M / T Wisby Pacific jointly with Wisby Tankers.

During the first half of the year, the Group sold the three sister vessels within the product tank, M / T Calypso, M / T Cavatina and M / T Corrido. These vessels of just over 46,000 tonnes each were abducted to the Anglo-Atlantic-Steamship group on bareboat basis.

Gotland Tankers AB: The Group’s tank operations are conducted by Gotland Tankers AB with subsidiaries and other group companies. The vessels are employed through commercial management in pool co-operation or by contractual leasing.

Destination Gotland AB

Destination Gotland AB, which carries out traffic between Gotland and the mainland, charters the vessels M / S Visby, M / S Gotland, HSC Gotlandia, HSC Gotlandia II and M / S Gute. Current agreement for Gotland traffic with the Swedish Transport Administration extends until January 2027.

Operations mainly comprise shipping operations where the subsidiaries Destination Gotland AB are responsible for Gotland traffic and Gotland Tankers AB is responsible for tank operations. The business also includes property management. Rederi AB Gotland is a subsidiary of Trojaborg AB.

Sea News, October 24

Baibhav Mishra
Author: Baibhav Mishra

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