Asia

Otto Marine’s losses worsen, looks to offload assets

Singapore: As was well-telegraphed by offshore operator and fabricator, Otto Marine finished 2012 in the red. The listed entity had already warned investors of this likely outcome and has said it will look to offload assets to combat the downturn.

Otto Marine reported a full year net loss of $73.69m, some $21m worse than the loss in 2011. Revenue, however, increased 9.8% year-on-year to $374.33m.

“Global economic conditions as well as the general environment of the shipbuilding industry remain challenging,” Otto Marine said in its annual report. “Additionally, the shipyard is under‐utilized due to lower order intake.”
The group will look to sell completed vessels, while looking to grow its chartering fleet. [22/02/13]

Splash

Splash is Asia Shipping Media’s flagship title offering timely, informed and global news from the maritime industry 24/7.
Back to top button