Norway's Kristian Jebsens Rederi has reported a smaller loss for last year and managing director Bjorn Jebsen said it is heading for a profit in 2020.
The Bergen-based bulker company's annual report shows it cut its pre-tax loss to NOK 100,000 ($10,700) in 2019, from NOK 17m a year earlier.
It ended the year with negative book equity of NOK 19m, but Jebsen told TradeWinds that its value-adjusted equity was positive for the year.
Kristian Jebsens conducts its main business as part of 50%-owned joint venture JebMur Shipping with MUR Shipping.
It decided last year to report JebMur as an associated company instead of consolidating it in on a 100% basis.
This led to a sharp reduction in operating revenue last year, which sank from to NOK 88m from NOK 511m.
Earlier this year, TradeWinds reported that the 35,000-dwt bulkers Sharpnes and Swiftnes (both built 2015) were sold to Japan’s Toyo Kaiun for $13m each. Jebsen has now said his company had only a small stake in the vessels.
In its annual report for 2019, Jebsens said it has purchase options on the bulkers it has chartered in.
Jebsen declined to reveal how many vessels the two companies are partners on. “We wish to keep the relations to MUR confidential,” he said.
Jebsen has a 60% stake in the company. His brother, chairman Arne Jebsen, holds the remaining 40%.
Kristian Jebsens Rederi is separate from their late brother Kristian Gerhard's Kristian Gerhard Jebsen Skipsrederi.
