Rickmers reports improved earnings in first half

Vessel charterer sees benefits from cost management and stronger U.S. dollar.    Rickmers Group said Monday it had a profit of 2.6 million euros ($2.9 million) in the first half of 2015, compared with 1 million euros in the first half of 2014.
   Revenues were 289.6 million euros in the first half of 2015, 6.6 percent more than the 271.7 million euros recorded in the first half of 2014.
   The company said revenues rose “despite the persistently strained market situation and a number of charter contracts up for renewal.”
   Earnings before interest, taxes, depreciation and amortization (EBITDA) improved was 137.4 million euros, 35.4 percent higher than the 101.5 million euros earned in the first half of last year.
   The company attributed the increase to cost management at Rickmers-Linie, and favorable exchange rate effects following the rise in the value of the U.S. dollar.
   “For the remainder of the current financial year Rickmers Group management foresees a persistently challenging market environment, despite an upwards trend in container-freight volumes and a slow recovery in charter rates,” the company said.
   The company said it would benefit from the rise of the U.S. dollar versus the euro and from a turnaround at its breakbulk and heavy-lift unit, Rickmers-Linie said it was raising its forecast for the year, predicting a consolidated result that is expected to come in “only slightly higher than in 2014.”
   The company noted it’s incurring costs due to the decision to change Rickmers Holding, its parent company, from a so-called “KG” or limited partnership to a stock corporation.
   In addition to Rickmers-Linie, Rickmers Group has two other segments: Maritime Assets, which manages vessels for its owned ships and those of third parties, including liner majors; and Maritime Services, which provides ship management services, including technical, operational, and crew management.