Marenave moves slowly from restructuring

Fees relating to the company's restructuring earlier this year had a dampening effect on the results, as well as weak bulk markets, repositioning voyages for Marenave's supramaxes and scheduled drydockings.

The company has a fleet of 13 vessels, six product tankers, four supramax bulkers, two box ships and a car carrier.

Time charter equivalent earnings were down across each sector, worsened by an unfavourable exchange rate, and resulted in a fall of EUR4.4m in revenue to EUR42m for the first three quarters.

The company forecasts a net loss for its pair of container ships of $3m for 2013, improving to a smaller loss in 2014 of $1.5m. Despite expecting tanker and bulk rates to improve next year, its tanker segment is expected to net a loss between $2m and $5m for 2013 and in 2014, while its bulk fleet is expected to pull in around $10m this year and next.

Operating results for 2013 and 2014 are expected to be below and above $10m respectively, subject to the deduction of EUR2m in deferred taxes each year.