Atlantic Navigation profit jumps in 2013Atlantic Navigation profit jumps in 2013

The marine logistics services firm announced a 2013 profit of $12.97m compared to a gain of $610,000 in 2012.

Revenue for the Singapore-listed firm also rose 32.9% year-on-year to $46.98m, mainly driven by marine logistics services.

The improved performance was due to the group's fleet being enlarged by two new vessels which were acquired in 2012, an increase in third party vessels managed by the group, increase in cross-chartering business, as well as higher charter rates secured on certain new vessels, and higher overall fleet utilisation.

“We are continuing to capitalise on opportunities within the Middle East where offshore energy and production investment remains high, and continue to provide a strong demand base for our business,” said Wong Siew Cheong, executive chairman and ceo of Atlantic Navigation.

“Underpinned by this positive market environment we will continue with our fleet upgrade and expansion program and grow our marine logistics services segment in FY2014,” Wong said.

Apart from fleet expansion, Atlantic Navigation is also starting to develop strategic opportunities in new markets. However, it remains cautious of potential pressures on charter rates due to new capacity coming on-stream from other vessel owners, as well as a reduced take-up of projects for its ship repair, fabrication and marine services.