Rickmers Group today (12 August) reported improved turnover and underlying earnings for the first half of the year.
The German shipowner and operator’s revenues, mainly from charter and ship management income, rose by 6.6% year on year to EUR289.6 million (USD319 million), while its operating result (EBITDA) climbed 35% to EUR137.4 million, said the company.
Net earnings soared 160% year on year, but remain weak in absolute terms at EUR2.6 million.
Revenue and profit have grown with the implementation of cost-cutting measures and the appreciation of the dollar against the euro, the company’s accounting currency, said Rickmers.
Revenue was supported by the growth of the group’s managed fleet from 110 to 125 units since the end of last year, chiefly through the addition of Supramax bulk carriers and open-hatch gantry crane bulkers from other owners.
Earnings are set to further benefit from a USD45 million investment programme for technical upgrades and retrofits on eight of the company’s very large container ships, said the group.
Rickmers’ project carrier operation Rickmers-Linie returned to profit in the second quarter after losses earlier this year, said the group. Details of Rickmers-Linie’s earnings will be released as part of a half-year report next week.