Skaugen Clients Canceled 'Many' Cargo Orders on Credit Turmoil

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Sunday, 18 January 2009

I.M. Skaugen SE, a Norwegian shipper of gas and liquefied gas, said “many” of its customers canceled cargo shipments last quarter because of turmoil in financial markets and slumping prices for fuel. “Key customers canceled many nominations and orders, and less volume than anticipated was exported,” Oslo-based Skaugen said today in a statement distributed by Hugin. There were “many challenges related to trade finance issues,” it said.
Skaugen posted a net loss of $12.2 million, or 45 cents a share, in the fourth quarter and said it wouldn’t pay a dividend for 2008 because of the “macroeconomic outlook.”
Source: Bloomberg