Impairments send Topaz Energy into big deficit

Dubai-based Topaz, which has the Caspian Sea as its key market, suffered a USD 64.4 million deficit after a major fleet impairment and costs related to debt refinancing.

Photo: Topaz Energy and Marine

A fleet impairment and costs related to debt refinancing pulled Dubai-based supply carrier Topaz Energy and Marine into the red with a deficit of USD 64.4 million on the bottom line for the full year 2015, according to the company's annual report, published Tuesday.

"Despite a strong performance in our key Caspian market, which makes up 63 percent of revenue, our financial results reflect subdued demand for offshore support vessels in our nascent market in Africa and rate pressure in Mena (Middle East and North Africa, -ed.)," says CEO René Kofod-Olsen in a comment on the result.

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

Shipping in a safe position despite shaky world economy

Container carriers are facing a couple of difficult years, but otherwise the shipping industry looks set to do well despite dark clouds over the world economy, according to shipping analyst. ”Right now, most companies are making a lot of money.”

Further reading

Related articles

Latest news

See all jobs