Norway's Westfal-Larsen has reported more financial losses, but appears now to be closer to a breakeven result.
The private Bergen-based bulker and chemical tanker company’s holding firm, Navigation Co, cut its pre-tax loss in 2018 to $5.9m, down from $19.1m in 2017.
Anders Nome Lepsoe, chief executive of Navigation, said it is too early to say whether the results will end up in the black in 2019.
The annual report shows that the bulker division had operating revenue of $80.8m and the chemical tanker business a top line of $53.3m.
The results for the Westfal-Larsen's bulker fleet was good for the first three quarters in 2018 was good, but then fell back.
“And it does not look all that good at the moment,” Lepsoe said.
The company’s open-hatch company Masterbulk in Singapore has 20 vessels and operates together with NYK in the Saga Welco pool.
Westfal-Larsen said that the pool co-operation with NYK continues to give positive synergy effects.
Masterbulk last year sold its last 1980s-built bulkers — the 43,000-dwt Geiranger and Grindanger (both built 1986) for scrap.
On the tanker side, Westfal-Larsen has eight chemical tankers built from 2009 and onwards. All of these are on charter to Canada’s Methanex.
Navigation Co had operating revenue last year of nearly $159m in 2019, against $146.9m in 2017.
The company is also involved in real estate, technology companies and grocery business.
Navigation had a book equity of $428.3m at the end of 2018.
With roots dating back to 1905 and including four generations, Westfal-Larsen is today owned by the family of Rolf Westfal-Larsen, who is now a company adviser.
