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Financial/key figures

Grieg Star has a strong profitability track record and a solid balance sheet with a healthy equity ratio and with strong financial relations.

Annual Reports

All business segments in the group had a rough year in 2016. The result in dry bulk is mainly hit by a situation of continued low freight rates, not being able to cover the cost of owned or long-term chartered vessels. The open hatch operation, which is more industrial in nature, experienced much of the same, although the vessels’ earnings stayed at a higher level than for conventional dry bulk. On the positive note is the result from the group’s financial investments, delivering better returns than originally expected.

Grieg Star operated 47 vessels commercially on an annual basis in 2016 vs. 44 vessels in 2015, carrying slightly above 11m tons of cargo vs. almost 12m tons in 2015. The cargo volume was split about 60/40 between open hatch and dry bulk, of which 70% of the volume carried on open hatch was forestry related. Grieg Star’s gross revenue consists mainly of freight income, but also income from its ship terminal in Canada as well as sales gain from its environmentally friendly recycling business, Grieg Green.

In total, Grieg Star’s result before tax ended up at minus USD 7.6m in 2016 vs. minus USD 59.0m in 2015 and USD minus 11.8m after tax (minus USD 60.9m in 2015).

See the whole annual report in the list to the right.