ShippingWatch

Solstad reports double-digit million dollar deficit for third quarter

Offshore shipping company Solstad Offshore, the result of a large-scale Norwegian merger, finished the third quarter with yet another considerable loss on the bottom line. The company has so far lost around USD 217 million in 2018.

The third quarter also failed to bring improvements for offshore shipping company Solstad Offshore, formerly Solstad Farstad.

Even though revenue improved marginally, the company finished the quarter with a new large double-digit million dollar, according to the interim report. And the company notes that the recovery of the hard-pressed market for offshore ships is still moving slowly, and that rates are "still not at sustainable levels."

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