Farstad Shipping achieves profit from currency gains

Norwegian supply carrier Farstad Shipping delivered a result of USD 11.5 million in the first three months of the year, but this is far from an indicator of recovery in the market.

Photo: Farstad Shipping

Offshore supply carrier Farstad Shipping, with 57 vessels in its fleet, landed a profit of USD 11.5 million on the bottom line in the first quarter of the year, according to the published interim report. The positive result is due to unrealized currency gains and is not a sign of recovery in the pressured offshore market. Not at all.

According to Farstad Shipping, activity in the offshore market continues to decline, and when the development someday turns, the supply carriers will be hurt by overcapacity, Farstad Shipping writes in the interim report.

Read the whole article

Get 14 days free access.

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

Maersk Tankers CEO sees no reason to merge tanker carriers

It has long been discussed, and the chief executive of a competitor points to Maersk Tankers as a driver in the tanker sector's consolidation race. However, Maersk Tankers CEO Christian M. Ingerslev does not see much sense in combining balance sheets, he tells ShippingWatch.

Further reading

Related articles

Latest news

See all jobs