Svitzer revenues dipped $3m to $25m in the first quarter of 2016 in what the company described as a “difficult market”.

The company's EBITDA margins edged up slightly to 29% from 28% in Q1 2015, driven by cost-saving initiatives.

The result excludes a $15m decrease from Q1 2015, following the merger between Svitzer Salvage and Titan Salvage last April. The merger came after an increasingly trying few years for salvors, with fewer jobs for which to compete.

“In the first quarter of 2016 we continued our growth in new markets with the creation of a joint venture in China serving the Port of Guangzhou, the world’s 5th largest port, new contracts in St. Eustatius, the Caribbean and in Montreal, Canada,” said Robert Uggla, Svitzer ceo. “Operationally we focused our productivity which resulted in an improved EBITDA margin to 29% from 28% same period last year. Overall we are doing well in a very difficult market.”

During the quarter, Svitzer reached a four-year agreement with Australian seafarer unions, securing Svitzer’s business in the region.