Independent journal on economy and transport policy
11:39 GMT+1
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Orsero recorded an increase in half-year results also thanks to the contribution of the Shipping sector
In the first six months, net revenues from the maritime transport business grew by 16.9%
September 15, 2020
In the first six months of 2020, the group's net revenues EUR 520.8 million, an increase of 5.7% on first half of last year. Operating profit was EUR 9.1 million (up 95.1%) net profit of 6.2 million eur 459.4%.
The Shipping sector alone reported revenues of 52.7 EUR 16.9%, Adjusted EBITDA of EUR 10.2 million (37.2%) operating profit of 3.9 million euros, or 89.7%. The company has announced that the increase in net revenues due to the good level of the volumes transported, with a load-factor, which was about 95%, and the rental instalment growth linked to fuel cost IMO 2020 legislation that has imposed Since January 1st, the use of low-cost naval fuels sulfur content. In this regard, the group pointed to "how all transport contracts have BAF clauses (Bunker Adjustment Factor) that by adjusting the value of the rental in operation increases/decreases in the cost of fuel shelter from the variability of the fuel cost, limiting However, as a result, the possible benefit induced, such as this year, by the fall in the cost of oil and derivatives'. In the first half of 2020, the total cost related to the bunker was 13.4 million euros, valued at similar to the purchase of fuel in the first half of the year last year, costs of 25.5% respectively 29.6% of revenues recorded in the sector over the two periods.
Orsero specified that the improvement in operating margin shipping was made possible by the recovery of profitability of the shipping business already 2019, after underperforming in 2017 and Orsero also pointed out that in the Shipping sector, revenues, denominated in dollars, are higher than the costs incurred in Euro.
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In the first six months of 2020, the group's net revenues EUR 520.8 million, an increase of 5.7% on first half of last year. Operating profit was EUR 9.1 million (up 95.1%) net profit of 6.2 million eur 459.4%.
- Via Raffaele Paolucci 17r/19r - 16129 Genoa - ITALY
