I.M. Skaugen targets four new LNG projects amidst Q3 loss

Shipping company I.M. Skaugen reported a net loss of US$6.7 million for the third quarter of 2016 compared to a profit of $4.3 million in the corresponding quarter in 2015. 

According to the latest quarterly report issued on Friday, “the operational from vessel trading for IMSK has improved YTD16 vs. YTD15 as underlying time charter equivalent earnings of the Norgas Carriers fleet has increased with 16.1 percent.”

The company added that there is an underlying growth in seaborne transportation of all liquefied gasses, LNG, LPG and petrochemicals.

IMS noted that it is currently developing four additional specific LNG projects to supply power plants with LNG and on the back of these projects it could deploy the fleet of its LNG capable vessels in 2016/2017.

The company’s focus is on projects or countries with a required early start-up.

“We have provided offers and we are participating in tenders where our services are critical for the success of the projects and which could materialize soon,” the company said.

The longer-term LNG contracts IMS is pursuing will allow it to improve its cash flow, which will enable a refinancing of the company’s debt maturities in 2017.

LNG World News Staff