The company was profitable despite a hit with what it described as “extraordinary administrative” expenses, to the tune of NOK1.5m, in Q2 following the June collision between NOCC Oceanic and fishing vessel Yujin Maru no. 7, 300km off the Japanese coast. However, despite the accident, NOCC’s results represent a more-than-doubling in EBITDA for the 2013 year-to-date, to NOK111.2m, from the NOK52m posted for the same period in 2012.
This was driven by an increase in operating income, to NOK226.6m from NOK177.9m in 2012, which NOCC put down to additions in the fleet.
The company posited an “uncertain” outlook in the short term, with “a yet unproven recovery in the European car market, possibility for a further deceleration of growth in the BRIC countries and recent labour unrest with Korean car manufacturers.” However, the company maintained a positive term outlook, stating that “growth in seaborne shipment of cars by industry analysts is projected to accelerate from 2014.”
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