Losses continue to increase for NYK Line-controlled Saga Shipholding (Norway).
The shipowner, which has been taking a hit from the weak bulker market, has reported a $12.4m loss for the 2019 fiscal year. That is deeper than the $11.9m loss reported for the previous 12 months through the end of march.
Revenue increased slightly, from $122.7m to $123.1m.
At the fiscal year, Saga had a book equity of nearly $152m.
According to an annual report that has just become publicly available, Saga Shipholding has positive cash flow from its operational activities.
In the report, shipowner said the Covid-19 pandemic has so far has not effected the earnings, but that is is uncertain how it will impact the world economy.
Saga Shipholding has a fleet of 35 open-hatch bulkers, of which 28 were owned.
They are operated in the Saga Welco pool, which also includes 18 bulkers controlled by Westfal-Larsen’s company Masterbulk.
The company is chaired by Katsuhito Yamane, who is also its chief executive.
