Struggling Royal Arctic Line lost USD 5.8 million in 1st half of 2014

Royal Arctic Line lost USD 5.8 million in the first half of the year, in spite of major cost reductions, and the revenue continues to drop, says the carrier in its 2nd quarter interim report.

Photo: Royal Arctic Line

Construction efforts in Greenland remain slow, and this - combined with the general slowdown - has a big impact on the finances of Greenland-owned Royal Arctic Line. This development is being counteracted with tight cost management and major savings, and the carrier thus achieved a significantly better result than in first half of 2013, says Royal Arctic Line in its 2nd quarter interim report.

Cargo volumes continued to decrease in the first half of 2014, and the carrier's revenue continued to drop in spite of increasing rates.

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