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SPECIAL: INDUSTRY-SPECIFIC ANALYSIS / SHIPOWNERS

BY TINA ALTENBURG

GROWTH IN SPITE OF TOUGH MARKET With growth in the net turnover as well as in the profit after tax XO Shipping has in 2015 presented some remarkable annual accounts, as the shipping company has exclusively been operating within dry bulk, a market that certainly not is doing well.

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n 2015, XO Shipping, which focuses on dry bulk especially at the Atlantic Ocean and primarily within the handysize, supramax, and panamax segments, is among the shipping companies that have had growth. The net turnover increased from 96.2 million USD in 2014 to 102.3 million USD in 2015, and the profit correspondingly increased from 2.9 million USD in 2014 to 4.1 million USD in 2015. It is remarkable as most other dry bulk shipping companies have had decline. -We are different compared to other shipping companies, as we focus on the short market. We have chosen a model, where we limit the risk. We do that by not having any long contracts, and we do not own a lot of ships. We

danish maritime magazine

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focus on the short market; you could almost call it a daytrader model. In this way, we are flexible in a very volatile market, Rico Romme Nielsen from XO Shipping explains. THE GOOD DEVELOPMENT CONTINUES The key figures have developed in the right direction. The profit ratio is thus increased from 3.9 per cent in 2014 to 4.2 per cent in 2015, while the rate of return has increased from 19 per cent in 2014 to 19.6 per cent in 2015. Correspondingly, the solvency ratio is improved from 13.3 per cent in 2014 to 16.7 per cent in 2015. This year, the shipping company expects that the good development will continue. -We have started the year in a fine man-

DAILY NEWS ON WWW.MARITIMEDENMARK.DK

ner. It is of course difficult to predict, how the second half of the year will develop, but it looks a lot like the trend we saw last year. During the spring, we have employed more people, and we expect that the year will be on par with last year. We also continue with the same business model that we think works well in a difficult market, Rico Romme Nielsen says.

Dmm 5 16  

Official opening of Danish Maritime Fair: Come and join us for the opening of the Danish Maritime Fair, accompanied by the Navy Tambur Corps...

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