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IM Skaugen stays in the red in Q3IM Skaugen stays in the red in Q3

Norway-based IM Skaugen continued to stay in the red in the third quarter despite a jump in revenue, as its business was impacted by lower export volumes from the Gulf region.

Lee Hong Liang, Asia Correspondent

October 25, 2013

1 Min Read
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The company posted a third quarter net loss of $3.91m compared to a wider loss of $6.27m in the same period of last year. Revenue, however, rose 42.3% year-on-year to $27.06m.

IM Skaugen revealed that business was affected by a lack of recovery of exported volumes from the Gulf region to match the shortfall of Iranian exports of petrochemical products.

“The overall export of ethylene from the Gulf region was up in 3Q2013 and still below the volumes seen in 2012, before the Iran sanctions were implemented,” the company commented.

Looking ahead, IM Skaugen believes that the LPG market will benefit from shale gas production and growing export of low cost LPG surplus generated in the US.

“The ship borne exports are not limited to conventional LPG but also ethane and LPG with high ethane content, both which will require vessels with ethylene capabilities,” it said.

About the Author

Lee Hong Liang

Asia Correspondent

Singapore-based Lee Hong Liang provides a significant boost to daily coverage of the Asian shipping markets, as well as bringing with him an in-depth specialist knowledge of the bunkering markets.

Throughout Hong Liang’s 14-year career as a maritime journalist, he has reported ‘live’ news from conferences, conducted one-on-one interviews with top officials, and had the ability to write hard news and featured stories.

 

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