Finland’s container shipping firm Containerships has managed to cut its net loss during 2016 as it ended the year with with EUR 1.4 million in the red, compared to a net loss of EUR 6.7 million reported in 2015.

The company said that its revenue for the period was slightly down to EUR 197.9 million from EUR 199.6 million seen in 2015.

“In 2016, various geopolitical, economic and legislative events impacted the logistics market in Containerships’ area of operation. Nevertheless, there were no changes in the operating environment dramatically affecting the Group’s activities or performance in 2016,” according to the company.

In 2016, cargo levels continued to decrease partly due to low oil prices, but the sharp increase in vessel fuel prices during the last quarter of 2016 impacted directly on the group’s operating expenses. At the same time, Russia and Libya, two markets important for the group, are expected to see economic growth in the future as the price of oil rises.

Due to market situation changes in the ship-building industry in China, Containerships’ parent company transferred its building contract for four LNG vessels to Guangzhou Wenchong Shipbuilding Company Limited. The agreements related to these events were finalised during summer 2016.

The change of shipyard caused an approximate 9–12 month delay to the delivery of the vessels, which are now scheduled to join their owner in 2018.

In October 2016, the group paid the down payment in total of EUR 17.2 million for these four vessels.