The Singapore-listed company said it expects a marginally negative ebitda versus earlier expectations of improved ebitda and margins.

“In Brazil, significant investments have been made in strengthening the organization in order to reach production targets at Vard Promar,” Vard said in a statement.

“However, slower-than-expected improvements in throughput and productivity at the new shipyard are impacting profitability during the ramp-up phase.

“Additional cost was also incurred for the two vessels in the Promar order book that were built at a third-party yard and are currently undergoing outfitting at Vard Niteroi.”

In