Seatrade Maritime is part of the Informa Markets Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Vallianz sees stable Q3 profit despite difficult operating environment

Vallianz sees stable Q3 profit despite difficult operating environment
Singapore’s Vallianz Holdings has reported stable profit for the third quarter and revenue jumped on the back of higher contributions from the OSV chartering operations.

Third quarter profit attributable to owners of the company was registered at $4.59m, down 4.7% from $4.82m in the same period of last year.

The quarter revenue surged by 52.4% year-on-year to $59.83m with higher earnings from offshore vessels chartering, in tandem with the growth of the group’s fleet size, as well as new revenue streams from subsidiaries acquired in the last quarter of 2014.

As at the end of September 2015, Vallianz’s chartering business had a fleet of 40 OSVs, compared to 33 vessels as at end-September 2014.

“The ability to sustain our profitability under present market circumstances reflects the resilience of our business model which is primarily built on long term vessel charters to national oil companies,” said Ling Yong Wah, ceo of Vallianz.

The operating environment for OSV operators has been and is expected to remain challenging due to the prevailing weakness in the global oil market.

Vallianz pointed out that its OSV chartering business focuses on supporting projects located in shallow water oilfields, and has established a strong presence in the Middle East where there is still sustained levels of oil production activity.

At present, the group’s chartering services orderbook of $940m comprises mainly of long term charters that stretch up to 2022. This compares to its orderbook of $540m as at 31 December 2014.

TAGS: Offshore