Depreciations send Weco Shipping into the red for 2020

Weco Shipping exits 2020 with a deficit, mainly due to large depreciations on ships that were hit by the Covid-19 pandemic. A new tanker venture also went into the red.

Photo: Ritzau Scanpix/Asger Ladefoged

Weco Shipping, owned by Baron Johan Wedell-Wedellsborg, was severely affected by the coronavirus pandemic in 2020, in which the company went into the red after a profitable 2019.

Weco Shipping books a total deficit of USD 12.6 million for 2020 against a profit of USD 469,000 in 2019, according to the shipping group's annual report.

Read the whole article

Get 14 days free access.
No credit card required.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

DB Schenker defends carriers in red-hot container market

One of the major global customers, German DB Schenker, defends the quality offered by container lines in the exceedingly feverish market, which other freight forwards have criticized in strong terms. Even the high rates are in order, says the COO of Air & Ocean in an interview with ShippingWatch.

Azane Fuel Solutions was created during the pandemic using Teams

Azane Fuel Solutions was established in the middle of the pandemic. Digital meetings and planning over the phone proved no obstacles for top execs at Amon Maritime and Econnect Energy during the start-up. Now they have to set up bunkering terminals for ammonia in two and a half years.

Further reading

Related articles

Trial banner

Latest news

See all jobs