Viking aids Transatlantic
An improved performance from its offshore division Viking Supply Ships has helped lift Rederi AB Transatlantic into the black in the second quarter.
Christen Sveaas-backed Transatlantic recorded a gain of SEK 34m ($4.9m) in the three months to the end of June, overturning a loss of SEK 62m last time around.
Viking Supply Ships, which is reviewing the sale of its PSV business, saw both revenue and profit grow.
Operating profit at Viking Supply was up from SEK 17m to SEK 44m year on year.
Chief executive Tom Ruud says the focus remains on increasing the level of contract coverage for the offshore fleet.
Industrial shipping division Transatlantic recorded an operating loss of SEK 2m, an improvement on the SEK 41m red number in the second quarter of 2013.
Ruud said: “The market for TransAtlantic is expected to remain weak but stable in 2014 and the business is expected to contribute with a negative result for the year.
“The earnings capacity remains sensitive to changes in volumes. The restructuring and efficiency efforts will continue and we expect to implement further cost savings to improve efficiency and increase competitiveness.
“The same long-term objective remains – to create two independently strong operations with the right prerequisites to successful competition in their respective markets.”
