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Siem Shipping cuts losses

Oslo: Oslo-listed Siem Shipping remained  in the red in the fourth quarter of 2014. The company has refinanced debt with a new $100m credit facility, according to a statement.  Siem Shipping reported a loss of $0.81m, compared with a loss of $2.53 mill in the same period the year before.

Star Reefers, part of the Siem empire, announced it has cut its exposure to the spot market for 2015.  Four ships of the reefer fleet have been chartered out on 4.5-year contracts to Chiquita.  Four C-Class vessels  were redelivered from the shipyard and  placed on seven-year time charters. The company has been busy in the sales and purchase market. In January the company sold two older vessels – Chile Star and Uruguay Star – for $10m. Some months before the company sold another ship called Ecuador Star. The company reports a contract backlog of $460m with 84% of the fleet capacity fixed. The company is owned by Siem Industies which is controlled by Kristian Siem and his family.

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Hans Thaulow

Hans Henrik Thaulow is an Oslo-based journalist who has been covering the shipping industry for the last 15 years. As well as some work for the Informa Group, Hans was the China correspondent for TradeWinds. He also contributes to Maritime CEO magazine. Hans’ shipping background extends to working as a shipbroker trainee with Simpson, Spence & Young in Hong Kong.
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