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Tuesday, August 04, 2009

Carras Hellas Group receives first capesize from Odense Steel Shipyard


Tuesday, 04 August 2009

Odense Steel Shipyard, part of the AP Moeller Maersk Group has delivered the first of six capesize bulk carriers to Hellenic ship owner Carras Hellas. It was the first dry bulk delivery from the Danish shipyard in more than 25 years, the previous delivery of this type took place in 1983 when the Elsam Fyn sailed from Odense. The Hellenic-flagged Aquamarine, 100,615 GT and 182,060 DWT, has a length of 292 metres and a beam of 44.9 metres. The MAN-engine type 6S70MC-C develops 18.600 kW to a service speed of 15 knots. Originally Carras Hellas ordered eight units but cancelled two of the units due to a collapsing capesize market. The order had been placed back in 2007 and the new 180,000 –dwt design has been developed between Odense and Carras. In a relative statement, the shipyard had said that “these orders, which will be built in the largest dock at the Shipyard will, together with existing orders, fill up the capacity of Odense Steel Shipyard into 2010.” "This marks a significant move into the bulk sector of the market by Odense and we are delighted to be developing a relationship with this leading capesize operator." said Managing Director Finn Buus Nielsen.
In addition to being the parent company in the Group, Odense Steel Shipyard Ltd. operates the Odense-Lindø shipyard, the largest single unit in the Group´s operation. This yard is known for designing and building vessels that expand the envelope within their particular category or class.
The shipyard’s result for 2008, before tax and before shares in the results of affiliated and as-sociated companies, amounted to a deficit of DKK 513 million. (2007: deficit of DKK 833 million before profits from the sale of affiliated companies).
The shipyard’s result, after tax and before shares in the results of affiliated and associated companies, amounted to a deficit of DKK 389 million (2007: profit of DKK 65 million).
This overall result has been negatively affected by higher production costs as well as provi-sions made to counter the effects of contracts resulting in a deficit.
During the year, the Lindø Shipyard delivered one 11,000 TEU container ship and four 7,000 TEU container ships to A.P. Møller – Mærsk A/S. Bad weather in November 2008 resulted in damage to some of the shipyard’s cranes, which in turn meant that delivery of one 7,000 TEU container ship was transferred to 2009.
During the year, the shipyard entered into a contract to build two RoRo vessels for Pacific Basin. As a result, there are orders that ensure full use of the shipyard’s capacity until the end of 2010, as well as an order for three frigates for delivery in the period up to 2012.
The shipyard has developed and published a new business plan in which the shipyard only uses part of its overall production capacity from 2010 onwards, and works to rent out the re-maining capacity to other parties.
In 2008, the Group returned a pre-tax deficit of DKK 562 million, which was worse than ex-pected (2007: deficit of DKK 802 million, prior to taxation and without including the profits from the sale of affiliated companies). After tax, the deficit amounted to DKK 440 million (2007: profit of DKK 52 million after profits from the sale of affiliated companies). It is expected that the 2009 financial year will end with a deficit.