China is, however, in the middle of a transformation, and it is expected that the economic growth in China in the future to a much higher degree will be driven by the service sector. It means that the dry bulk shipowners in the future should not expect that the growth will come from China. The Chinese transformation has in 2015 made an impact on the dry bulk shipowners, as growth not really has been present from other sources. Moreover, the global fleet of dry bulk carriers has increased because of newbuildings, which has led to a significant over supply. The poor dry bulk market has, among others, made an impact on Ultrabulk Shippingâ€™s annual accounts for 2015. The same applies to J. Lauritzen. Both shipowners saw in 2015 that the net turnover decreased compared to 2014. It is therefore interesting that XO Shipping, which also operates within dry bulk, saw an increase in the net turnover of 6.3 per cent to 102.3 million USD compared to 2014. The tanker shipping market increased The development within the product tanker market was completely different, as the freight rates were influenced by a high demand, among other things because of an increasing American
demand for gasoline. It influenced for example Torm, which had a growth in the net turnover from 794 million USD in 2014 to 854 million USD in 2015. In 2015, Torm achieved the highest spot rates since 2008. The tankers also contributed to the growth in Weco Group and in the joint venture Stena Weco, whose fleet transports vegetable oil, chemicals, and different oil products. Uni-Tankers, which has a fleet of chemical and oil product tankers, also had growth in the most recent closed accounting year. Finally, it should be mentioned that also other shipping companies have seen growth. It applies among others to DFDS, whose net turnover increased from 12.8 billion DKK in 2014 to 13.5 billion DKK in 2015. The good result is among other things due to the fact that the overcapacity at the Channel between England and France was taken away in connection with Eurotunnel deciding to stop the ferry business. SIGNIFICANT DECREASE AT THE BOTTOM LINE Although the net turnover has seen a modest growth, it looks much more serious when it
comes to the bottom line. The operating profit (EBIT) has for all 20 shipping companies been reduced by 53.1 per cent to 15.6 billion DKK compared to 2014. The profit after tax was reduced by as much as 73.6 per cent to 73 billion DKK compared to 2014. The operating profit at the Maersk Group has decreased from 5.9 billion USD in 2014 to 1.9 billion USD in 2015. It is, however, to a high degree due to a large impairment at Maersk Oil, where several different oil assets were written down because of the low oil price. Ultrabulk Shipping was also among the shipowners, which had a decreasing operating profit compared to 2014. It was caused by impairments on the ships, and Ultrabulk Shipping was certainly not the only company to write down the ship assets. J. Lauritzen also had a net result for the year, which was impacted by a larger impairment of the ship assets, and at Weco Group the impairments negatively impacted the operating profit. At Weco Group the profit after tax was, however, on the other hand positively influenced by income from associated companies.
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