Topaz fleet utilisation 62% in first half

Dubai-headquartered Topaz reported a net loss of $13.4m for the first half of 2017 compared a $800,000 profit in the same period a year earlier. Revenues fell 22.7% to $115.6m in the first half of 2017 from $149.5m in the same period in 2016.

“Core fleet utilisation for the period was 62%, reflecting the pricing challenges of the spot market during the period. However, in Azerbaijan, our most significant operation in the Caspian, where we have solid contract coverage utilisation was 95%, reflecting the strength of our business in the region,” commented René Kofod-Olsen ceo of Topaz.

“In the MENA and Africa region's where the company's business is more spot driven than the Caspian uitilsation rates were 51% and 26% respectively. The outlook in both regions remains very challenging. However, we have witnessed a slight uptick in MENA tendering activities and as a result, reactivated three vessels from the MENA fleet and redeployed one vessel from Africa fleet to MENA,” he said.

The company has six vessels from its MENA fleet and one from its African fleet laid-up.

“We are beginning to see some signs of recovery in the market and we expect 2018 to offer better opportunities for growth,” Kofod-Olsen added.

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