Skaugen Group made a Q3 pre-tax profit of US$2.9 m
NORWEGIAN-based IM Skaugen Group made a Q3 pre-tax profit of US$2.9 m. This compares with US$0.7m in Q3 2005 and US$0.6m in Q2 2006.
Skaugen has three business segments. Norgas comprises the group's gas transportation activities, the new division Skaugen Marine Construction (SMC) manages all newbuilding activities in China and SPT is involved in ship-to-ship transfer of, primarily, crude oil. The company says trading conditions for Norgas improved somewhat in Q3 and were subject to reduced idle time. The freight rates have remained at “acceptable” levels, while most costs have increased through the period. It says: “It is expected that the gas transportation market will remain at similar levels for the balance of 2006.”
Skaugen says: “SMC continues its positive progress with the newbuilding program. On September 25th the first 3.200 cbm pressurised LPG vessel was successfully launched at the yard in Taizhou. This first, of our 16 vessel newbuilding program for gas carriers, will be delivered at our original estimated cost.”
Regarding SPT, Skaugen says: “The activity in SPT remained stable from 2Q06 for full ship lightering operations in the Gulf of Mexico, while we saw an increase in the number of support service operations. This, combined with somewhat lower tanker charter costs, results in a positive net result from SPT.”
