Robert Uggla: Slowdown in shipping will hit us

The Maersk-owned towage company improved its result for the first nine months of the year, but CEO Robert Uggla is worried about the prospects for the shipping industry overall.

Photo: Magnus Eklsf

Salvage and towage carrier Svitzer delivered an improved result for the first nine months of 2015 with a profit of USD 88 million against USD 82 million in the same period last year.

The company also improved its return on invested capital to 11.1 percent from 8.1 percent last year. However, Svitzer's combined revenue suffered a setback in the period, a development attributed to the strong US dollar versus the Australian dollar and the euro, just as the revenue at business unit Svitzer Salvage in the period was transferred to the merger with US-based Titan Salvage from May 1st 2015.

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