Swedish Stena's listed carrier Concordia Maritime follows in the wake of other product tanker carriers, which have released significantly recessive interim reports in the first half of 2016 as a result of a weaker market. This is reflected in the half-year interim report from the company.
Concordia Maritime achieved a net result before taxes in the second quarter of just USD 1.43 million down from USD 5 million in the same period last year. For the whole six months, the result came to USD 5.3 million down from USD 8.4 million in the same period in 2015.
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A VAT dispute in Latvia has now left ferry operator DFDS with millions of kroner in extra costs and a future of navigating a bureacratic minefield. However, the Danish carrier predicts challenges throughout the industry: ”It is only when it’s actually happening, that you realize it is a problem,” warns the company’s indirect tax manager.