Norwegian shipping company Torvald Klaveness managed to improve its financial performance in 2018 after consolidating its combination carrier activities.Klaveness delivered a profit before tax (EBT) of USD 10.1 million in 2018, compared to a loss of USD 2.1 million seen a year earlier.EBITDA for 2018 was USD 37 million, up from USD 28 million in 2017. The combination carriers were the largest contributor to the EBITDA, according to the company.“The financial results of Torvald Klaveness improved in 2018 both due to somewhat improved underlying markets and a more optimal trading pattern and contract composition for the combination carriers,” Klaveness said.During the year, the company focused on consolidating combination carrier operations under one holding company, Klaveness Combination Carriers AS, and further developing its activities through raising external capital, registering the shares on N-OTC and growing the newbuilding program by three vessels.In addition, Klaveness has continued to invest in digital initiatives and maintain its position among dry bulk operators and pool managers.Gross revenues from operation of the company’s vessels ended at USD 317.5 million in 2018, compared to USD 326.6 million in 2017, while net revenue from operation of vesselsended at USD 89.7 million in 2018, against USD 78 million recorded in 2017.The combination carriers continued to deliver positive results in 2018. Earnings for the nine vessels on water, the caustic-bulk (CABU) combination carriers, strengthened in 2018, mainly due to somewhat improved dry bulk markets, a more optimal trading pattern, a higher number of caustic soda cargoes and higher bunker fuel prices.Both the dry bulk market and the container market continued to improve in 2018, however, sentiment in both markets turned negative towards the end of the year. Average container vessel earnings improved in 2018 and the vessels still achieved rates above the general market due to the vessels’ fuel efficiency.Results for the dry bulk activities were positively impacted by active long and short positions along with market development. However, weather delays and related extended port stays impacted the results negatively, the company explained.
However the Loughmore-Castleiney clubman doesn’t agree as he feels it will pay dividends later in the season.At 3 o’clock this afternoon Limerick IT meet UCD.Mary Immaculate and UCC sealed their place in the semi-finals yesterday. One of Tipperary’s top hurlers says playing in the competition for his university will help him to perform better at intercounty level.John McGrath is due to line out for UL against Carlow IT at 1 o’clock this afternoon.Some argue that featuring in too many competitions at this time of year is not good for younger players.
Arsenal remain in contention following a 1-nil win at home to Leicester.While Sunderland could be relegated as soon as Saturday following last night’s 1-nil loss at Middlesbrough.Just a solitary point separates Manchester City and Manchester United ahead of tonight’s meeting at the Etihad.Kick off there is at 8. The Premier League title race is alive and well following Tottenham’s 1-0 win at Crystal Palace last night.Christian Eriksen’s long-range strike settled the game, to bring Spurs back to within four points of leaders Chelsea.Spurs striker Harry Kane says they’re going to keep focusing on their own games.