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Marenave Schiffahrts AG: Quarterly Report Published for Q1 2012
Marenave Schiffahrts AG has made a strong start to 2012
(PresseBox) (Hamburg, )
Marenave has published its Quarterly Report for 31 March 2012. The bottom line is a consolidated net profit of EUR 3.1 million for the first three months of the year. This is the best quarterly result since the onset of the global economic and financial crisis in the third quarter of 2008.
In addition to the net result, key performance indicators also show improvements. Sales revenues rose by 34 percent compared to the same period in 2011. As costs only rose at a disproportionately low rate, the ship operating result and the operating profit from shipping operations even show growth rates of 47 and 52 percent, respectively.
The reasons for these positive developments are found in the investment and deployment strategy advocated and implemented since the formation of Marenave Schiffahrts AG. CEO Tobias König states: "The diversified employment of the fleet in all segments of the shipping industry as well as the mix of spot and longterm fixed chartering makes it possible for the contribution to earnings of the ships employed under mediumterm and longterm arrangements to more than offset the negative contribution to the consolidated results of segments affected by crises." The time charters of four Supramax bulkers from the Company's new construction program completed in May 2011 proved particularly helpful in this respect.
While other shipping companies had to report predominantly negative results in recent weeks, Marenave Schiffahrts AG was thus able to present a counterpoint. The strategic goal of Marenave AG is the further growth of its fleet. Mr. König observes: "This is still a time to purchase ships on favorable terms, and many market participants expect 2012 to be a year when many shipping limited partnerships in the German Market will go up for sale. As a listed stock corporation, we find ourselves well positioned to profit from the coming changes."
In addition to the net result, key performance indicators also show improvements. Sales revenues rose by 34 percent compared to the same period in 2011. As costs only rose at a disproportionately low rate, the ship operating result and the operating profit from shipping operations even show growth rates of 47 and 52 percent, respectively.
The reasons for these positive developments are found in the investment and deployment strategy advocated and implemented since the formation of Marenave Schiffahrts AG. CEO Tobias König states: "The diversified employment of the fleet in all segments of the shipping industry as well as the mix of spot and longterm fixed chartering makes it possible for the contribution to earnings of the ships employed under mediumterm and longterm arrangements to more than offset the negative contribution to the consolidated results of segments affected by crises." The time charters of four Supramax bulkers from the Company's new construction program completed in May 2011 proved particularly helpful in this respect.
While other shipping companies had to report predominantly negative results in recent weeks, Marenave Schiffahrts AG was thus able to present a counterpoint. The strategic goal of Marenave AG is the further growth of its fleet. Mr. König observes: "This is still a time to purchase ships on favorable terms, and many market participants expect 2012 to be a year when many shipping limited partnerships in the German Market will go up for sale. As a listed stock corporation, we find ourselves well positioned to profit from the coming changes."
Über Marenave Schiffahrts AG
Marenave Schiffahrts AG is the first publicly traded shipping fund company in Germany organized as a jointstock corporation under German law (AG , Aktiengesellschaft ). It was developed so that institutional and private investors could obtain longterm exposure to the shipping market and diversify their portfolios further.
Marenave Schiffahrts AG's goal is to set up a diversified portfolio of container vessels, tankers and bulk freighters and to generate income from buying, selling and chartering ships. The fleet currently totals thirteen units: six panamax and handymax product/chemical tankers, two 1,200 TEU container vessels, one car carrier and four Supramax bulkers.
Mid/ Longterm charter agreements for the car carrier and the bulkers have secured charter revenues in an amount of approximately USD 260 million. The average return on capital employed for the vessels traveling under a longterm charter is close to 15% p.a., which represents the benchmark for future investments.
Listing on the stock exchange puts Marenave Schiffahrts AG in a position to raise fresh capital for the acquisition of additional vessels as needed and given the appropriate market conditions. This will allow the current favorable market phase to be used for the targeted fleet expansion and thus an extension of operations in the maritime city of Hamburg.
Marenave Schiffahrts AG is one of the few German shipping companies with a corporate structure that leading banks view as a necessary condition for financing future projects. Thus Marenave Schiffahrts AG is excellently well positioned in the market.
For more information about Marenave Schiffahrts AG, please visit www.marenave.com. The shares of Marenave Schiffahrts AG are presently traded on the Regulated Market of the Hamburg Stock Exchange.
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