Marenave has published its halfyear financial statements as of 30 June 2012. The bottom line is a consolidated net profit of EUR 4.0 million for the first six months of the year. The consolidated net profit for the first three months could thus be augmented.
The welcome development continues to run counter to the prevailing trend for the majority of market participants from among the owners of charter tonnage. The reasons for these positive developments are found in the investment and deployment strategy. The diversified employment of the fleet as well as the mix of spot and longterm fixed chartering makes it possible to more than offset the negative contribution to the consolidated results of segments affected by crises. The time charters of four Supramax bulkers from the Company´s new construction program completed in May 2011 proved particularly helpful in this respect.
But rough climate for the shipping industry on the whole has grown even harsher. Uncertainty has been exacerbated by the complete exit of Commerzbank AG from ship financing. Tobias König (CEO) comments on this as follows: “Germany as a shipping location is yet again called into question and calls for government aid for the battered shipping industry are growing ever louder. Without forming a judgment about these demands, we must assume that the number of insolvencies and ship fire sales, which are already considerable, will grow even larger in the coming months.”
The strategic goal of Marenave AG is the further growth of its fleet. Mr. König observes: “This is still a time to purchase ships on favorable terms, and many market participants expect that there will be attractive investment opportunities in the next few weeks. As a listed stock corporation, we find ourselves well positioned to profit from the coming changes.”
Marenave Schiffahrts AG
Marenave Schiffahrts AG is the first publicly traded shipping fund company in Germany organized as a jointstock corporation under German law (AG, Aktiengesellschaft ). It was developed so that institutional and private investors could obtain longterm access to the shipping market and diversify their portfolios further.
Marenave Schiffahrts AG's goal is to set up a diversified portfolio of container vessels, tankers and bulk freighters and to generate income from buying, selling and chartering ships. The fleet currently totals thirteen units: six panamax and handymax product/chemical tankers, two 1,200 TEU container vessels, one car carrier and four Supramax bulkers.
Mid/Longterm charter agreements for the car carrier and the bulkers have secured charter revenues in an amount of approximately USD 260 million. The average return on capital employed for the vessels traveling under a longterm charter is close to 15% p.a., which represents the benchmark for future investments.
Listing on the stock exchange puts Marenave Schiffahrts AG in a position to raise new capital for the acquisition of additional vessels as needed and given the appropriate market conditions. This will allow the current favorable market phase to be used for the targeted fleet expansion and thus an extension of operations in the maritime city of Hamburg.
Marenave Schiffahrts AG is one of the few German shipping companies with a corporate structure that leading banks view as a necessary condition for financing future projects. Thus Marenave Schiffahrts AG is excellently well positioned in the market.
Source: Marenave Schiffahrts AG