Clipper Group's Danish business still losing money

Clipper Group's Denmark-based activities are still operating at a deficit. The tanker division pulled the result down to a USD 19 million loss.

Clipper Group CFO Flemming Steen

Clipper Group A/S, a subsidiary of Clipper Group Ltd., suffered a deficit of USD 19 million in 2013, compared to a USD 70 million deficit in 2012. The deficit has been reduced even further compared to 2011, as the carrier lost USD 113 million in 2010.

“The significant improvement as compared with 2012 is in line with our expectations. The two most significant companies within Clipper Group A/S are Danske Færger and Seatruck Ferries, and both of these companies showed impressive development in 2013. The main reason why we still have an overall deficit lies within our tanker activities, and here we are making good progress on our exit,” says Clipper Group CFO Flemming Steen in a press release.

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

Stolt-Nielsen reports best quarterly profit in years

Norwegian Stolt-Nielsen, which has acquired shares in competitor Odfjell, benefitted from higher volumes and spot rates on the chemical tanker market and predicts further improvement on the market. The company is, however, not quite ready for ordering newbuilds.

Skuld opens new office in Tokyo

Skuld is to open a Japanese branch located in Tokyo. To lead the division, Skuld recruits former deputy general manager from Japan P&I Club.

Further reading

Related articles

Latest news

See all jobs