Shipping company I.M Skaugen reported a loss of US$0.5 million for the second quarter of this year, compared to a negative result of US$4.6 million in the previous quarter.
The company’s first-half loss was at US$5.1 million, compared to a negative result of US$13.4 million in the same period a year ago.
“ The successful divestment of the SPT related activities – the global ship to ship transfer/lightering business, contributed positively and were able to offset unsatisfactory performance of the Norgas Carrier business ,” the company said in a statement.
The sale of the SPT related activities will enhance the company’s balance sheet and working capital position and enable IMSK to better execute on its LNG strategy, it said.
“ The acquisition of the options to purchase the two LNG carriers Norgas Unikum and Bahrain Vision will enable us to further develop our small scale LNG activities with enhanced value creation potential for IMSK and our shareholders .”
IMSK said it has continued to do spot LNG voyages in Asia in the second quarter. The company loaded LNG from a large conventional import terminal and delivered it to a smaller LNG hub for onward distribution with trucks and via pipeline.
“ I.M Skaugen has signed contracts to continue to do LNG spot voyages in Asia in 2H15 ,” it added.
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LNG World News Staff; Image: I.M. Skaugen