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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.

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