• 2016 August 16 13:21

  Svitzer posts underlying profit of USD 30 mln for Q2 2016

  

  Svitzer delivered an underlying profit for Q2 2016 of USD 23 m (USD 30 m). In the first 6 months of 2016,  Svitzer expanded its market share in key markets. It is also in the midst of implementing  several  long term contracts in its  terminal towage segment, the company said in its press release.

  The start up  costs  of new operations, including a subsequent  newbuilding program,  impacts Svitzer ’s return on invested capital (ROIC), which for the first 6 months of 2016 was  satisfactory at  8.6% (11.3%).

  Svitzer continues to  financially  outperform  many of its local towage competitors, not least  in  Europe  and  Australia. The salvage  activities  remain  under  pressure  with  low  activity because  of  a  weak  salvage  market.

  ABOUT SVITZER

  Since 1833, Svitzer has provided safety and support at sea. With 4,000 employees, a fleet of more than 430 vessels and operations all over the world, Svitzer is the global market leader within towage and marine related services.

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