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.