Clipper A/S cuts loss

Denmark’s Clipper Group A/S has reduced its loss in 2013 as it continues to exit the unprofitable tanker sector.

The company announced a net deficit of $19m for last year, against a loss of $70m in 2012.

Revenue was comparable to last year at $287m.

The company is the ferry, ro-ro and tanker unit of Clipper Group and the result does not include all the parent’s businesses.

“The significant improvement as compared with 2012 is in line with our expectations,” said Clipper Group CFO Flemming Steen.

“The main reason why we still have an overall deficit lies within our tanker activities, and here we are making good progress on our exit.”

The Irish Sea operation Seatruck made a profit for the first time since 2006.

It has cut the number of routes from five to three, with volumes growing on the remaining services

Danish ferry unit Danske Faerger increased its profit to DKK 60m ($10.95m), from DKK 30m in 2012.

The group sold 13 tankers and cruise vessels in 2013.

It is forecasting a profit for 2014.

The parent group, which has bulkers, multipurposes and other interests, does not publish a report, but Steen said: “Markets were clearly challenging in 2013, also for our core segment of bulk, but fundamentals are positive and we expect improving markets over 2014.”