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GC Rieber Shipping: Fourth quarter results 2020

C Rieber Shipping ASA had a fleet utilisation of 81% in the fourth quarter of 2020. Operating income was NOK 27.8 million, compared with NOK 43.1 million in the corresponding period of 2019. EBITDA was NOK 1.9 million, compared with NOK 42.3 million in the fourth quarter of 2019. The year-on-year decrease in EBITDA is explained by the sale of Polar King which had full utilisation in the corresponding quarter of 2019, and a non-cash loss from share issues in associated companies in the fourth quarter of 2020.

GC Rieber Shipping had a net loss of NOK 44.9 million in the fourth quarter of 2020 including impairment of the Subsea & Renewables fleet of NOK 37.1 million, compared with a net profit of NOK 7.6 million in the fourth quarter of 2019.

Preliminary net profit for the full year 2020 was negative NOK 495.3 million, including impairment of the Subsea & Renewables fleet of NOK 459.1 million.

“The fourth quarter concludes a year with significant uncertainty. Operational uptime has been satisfactory, but the lack of predictability has led to material impairment of the fleet throughout the year”, Einar Ytredal, CEO of GC Rieber Shipping commented. “Although current market conditions are challenging, outlook is more positive for the upcoming summer season.”
Full Report Source: GC Rieber Shipping

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