Marenave Schiffahrts AG: Q3 financial report published

Marenave has published its financial statements as of 30 September 2012. The bottom line is a consolidated net profit of EUR 5.8 million for the first nine months of the year. The consolidated net profit for the first six months could thus be augmented by another EUR 1.8 million.

The welcome development continues to run counter to the prevailing trend for the majority of market participants from among the owners of charter tonnage. The reasons for these positive developments are found in the investment and deployment strategy. The diversified employment of the fleet as well as the mix of spot and long-term fixed chartering makes it possible 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 once again proved particularly helpful in this respect.

Additionally, Marenave's six product tankers performed well. Given that the third quarter of any year usually is one of the weakest quarters, actual earnings performance gives reason to believe that the earnings will improve even further in the upcoming cold winter months.

In contrast to this positive operational development, ship financing climate remains to be rough and banks' demands with respect to restructuring plans are still tight. Hence, a long-term solution for the restructuring of a part of group's financing was not finalized yet. However, the executive board remains confident that this will be achieved by year-end.