Swedish shipowner Transatlantic reports operating result of EUR 30.1 million in 2007

News was prepared under the information support of Online Daily Newspaper on Hellenic and international Shipping "Hellenic Shipping News".

29 Feb 2008

A record high operating result of SEK 281 million (EUR 30.1 million) is highlighted when the Swedish and Skärhamn-based shipowning/ship operating company Transatlantic closes its books for 2007. All divisions show positive results, led by offshore with a profit margin of 64.1 per cent. Due to the launch of a new tonnage based tax scheme in Norway the acumulated profit in the half-owned joint-venture Transviking AS has become taxable. Therefore, a SEK 90 million (EUR 9.6 million) one-off tax expense has been booked in 2007, which will be paid over ten years. Net turn over reached SEK 2,530 million (EUR 271 million), up by more than a quarter of a billion Swedish crowns compared to 2006. The board proposes a SEK 0.50 increase of the dividend to SEK 2.50 (EUR 0.27) per share.For 2008, the company expects a continued strong market in general, but competition from an increasing number of vessels in the offshore market makes it uncertain whether the favorable result from 2007 can be repeated.