Olympic improves profit

Oslo-listed Olympic Shipping has seen its profit grow in the second quarter of 2014 thanks to the operation of two new vessels.

Its net profit was NOK 192m ($31m), a significant improvement from last year’s NOK 39m.

Revenue went up 23.6% to NOK 689m while total assets were increased by NOK 1.6bn, to NOK 9bn.

Fleet utilisation for the period reached 85% while two new vessels contributing.

Olympic Ship seven newbuildings delivered in total during the last three months to the end of June.

It has also ordered two subsea vessels from Kleven.

Increased rig activity towards the end of the year will be good for the anchor tug supply vessel market, which has been relatively sluggish during the first half, the company said in its report.

Olympic's fleet consists of 23 vessels with an average age of five years.

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