Vessels sales hit $121.9 in one week, as firms count earnings

Vessels sales hit $121.9 in one week, as firms count earnings

May 01,2019



Also, Hong Kong-based Orient Overseas Container Line (OOCL), delivered stronger revenues in Q1 2019, with the largest rise experienced in the Trans-Atlantic trade.For the quarter ended March 31, 2019, OOCL’s revenues increased by 5.9 per cent to $1.46 billion from $1.37 billion reported in the same quarter a year earlier.   Also, National Shipping Company of Saudi Arabia (Bahri), delivered a stronger net profit in Q1, as the company’s net profit rose 45 per cent to SAR 179.3 million ($47.8 million) compared to SAR 123.1 million ($32.8 million) reported in the three months ended March 31, 2018.Operational profit was at SAR 377.1 million for the quarter, rising by 46 per cent from SAR 256.9 million seen a year earlier.    Bahri explained that the rise in profit was driven by the improvement in some of its business units, and the increase in the transportation rates in general despite the increase in financing cost.   Meanwhile, the Danish shipping group, A.P. Moller-Maersk, forecasts higher profits in 2019 after delivering improved results in 2018.For 2019, Maersk expects EBITDA of around $5 billion including effects from IFRS 16, and around $4 billion excluding effects from IFRS 16.“Maersk’s guidance for 2019 is subject to considerable uncertainties due to the current risk of further restrictions on global trade and other factors impacting container freight rates, bunker prices and foreign exchange rates,” the company said.


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