GC Rieber Second Quarter in Line with Expectations

GC Rieber Shipping delivered a solid results for the second quarter with a stable and good operations.

Total fleet utilisation was 94 percent in the quarter, compared to 96 percent in the same period in 2013. The decrease is related to a planned yard stay for upgrading “Polar Marquis”, which was completed and delivered for operations at the end of May.

Operating revenues for the second quarter 2014 was NOK 214.4 million, compared to NOK 173.8 million in the second quarter 2013. The increase is primarily due to “Polar Onyx”, which started operations at the end of first quarter 2014. EBITDA ended at NOK 110.3 million, up from NOK 93.6 million, and corresponds to an EBITDA margin of 51 percent. EBTIDA margin for second quarter 2013 was 54 percent.

GC Rieber Shipping had a profit of NOK 43.5 million for the second quarter, compared to a loss of NOK 5.7 million in the same period in 2013. The result in the second quarter 2013 was affected by a loss of NOK 38.3 million from associated company, an investment that was divested per 31 December 2013.

For the first half 2014, operating income amounted to NOK 382.3 million, compared to NOK 354.3 million in 2013. EBITDA ended at NOK 185.1 million, up from NOK 183.4 million the year before. Net profit for the first half of 2014 amounts to NOK 84.7 million, compared to NOK 5.5 million in 2013.

“The second quarter passed as expected, we have had good operations in all segments, and are satisfied with a solid financial result. With all vessels in operation and a continued focus on our core operations, we expect that the positive trend to continue in the time to come,” comments CEO Irene Waage Basili.

At the end of first half 2014, GC Rieber Shipping had a contract backlog of NOK 3.0 million, with an average contract duration of 2.4 years. The contract coverage for the second half 2014, 2015 and 2016 is 100 percent, 62 percent and 48 percent respectively.

Press Release, August 22, 2014