GC Rieber Shipping’s reported operating income of NOK 23.6 million in the second quarter 2021, compared with NOK 78.5 million in the corresponding period of 2020. EBITDA was negative NOK 38.1 million, compared with an EBITDA of NOK 37.6 million in the second quarter of 2020. The reduction of EBITDA is mainly due to the reduction of the Subsea & Renewables fleet size from three to one vessel.
GC Rieber Shipping had a net loss of NOK 52.7 million in the second quarter of 2021. Net loss in the second quarter of 2020 was NOK 121.3 million including an impairment of the Subsea & Renewables fleet with NOK 128.7 million.
Following the sale of Shearwater shares announced on 9 July 2021 with gross proceeds of USD 50.5 million, GC Rieber Shipping’s cash position is strong. The Board of Directors has proposed an additional dividend of NOK 1.23, corresponding to NOK 106 million, in the second half-year of 2021.
“Throughout the second quarter, the markets where GC Rieber Shipping operates were stable. In June, the 15-year docking of Polar Pevek was successfully performed and Polar Onyx performed transit and yard stay to prepare for its new contract. The sale of Shearwater shares in July, together with the latest amendment to the company`s credit facility, have improved our dividend and investment capacity significantly”, Einar Ytredal, CEO of GC Rieber Shipping said. “Going forward, focus is on securing further utilization for Polar Onyx, as well as identifying new profitable investment projects”.
Source: GC Rieber Shipping