Saga Tankers Sees Opportunities in a Volatile Market

TankerIllustration. Image Courtesy: Pixabay under CC0 Creative Commons license

Norwegian shipping company Saga Tankers expects the current market volatility to continue going forward, providing opportunities to create value through investments in assets, equity or debt.

“The group has a solid investment portfolio and a strong balance sheet, enabling the company to continue to pursue attractive investment opportunities within the framework of industries it operates,” Saga Tankers said.

In its financial report for the third quarter of 2018, the company revealed that its net loss stood at NOK 16.9 million (around USD 2 million), compared to a net loss of NOK 0.2 million posted in the corresponding period a year earlier.

The company wrapped up the first nine months of this year with a net profit of NOK 13.4 million, compared to NOK 41.3 million reported from January to September 2017.

Saga Tankers ASA also reported a net asset value (NAV) of NOK 422 million at the end of the third quarter 2018, corresponding to NOK 1.59 per outstanding share, excluding minority interests and with Vallhall valued at book value.

By the end of the third quarter, Saga had a cash balance of NOK 100 million. All long-term debt is related to the real estate in Vallhall — Saga’s ownership is 55%.

During the quarter, the market value of shares held in SD Standard Drilling Plc, Vistin Pharma ASA and Pareto Bank ASA was reduced with NOK 16 million. This is classified as net loss from available for sale assets, according to the company.

Saga has during the quarter reduced the ownership in Pareto Bank ASA from 5.7% to 4 %. Subsequent of third quarter Saga has further reduced its ownership in Pareto Bank to 2.3%.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Jun 2019 >>
MTWTFSS
27 28 29 30 31 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30

OEE Conference & Exhibition 2019

OEE2019 is organised by Ocean Energy Europe, the industry association representing ocean energy in Europe.

read more >

Electric & Hybrid Marine World Expo Conference 2019

Electric & Hybrid Marine World Expo Conference is the world’s only international conference…

read more >

GreenTech in Shipping USA Forum 2019

GreenTech in Shipping USA Forum is an event for Maritime leaders who want to unlock successful business formula of the industry!

read more >

Shipping Transformation Asia

Shipping Transformation Asia will provide a platform for future-focused discussion in the shipping,…

read more >