United Arab Emirates-based Tomini Shipping has revealed a loss for 2020 as finance expenses increased for its expanding bulker fleet.
The owner of 17 vessels from supramaxes up to kamsarmaxes said its net deficit was $3.1m last year, against profit of $14m in 2019, when it sold four vessels for a gain of $14.9m.
Revenue at the company, which is listed on Norway's over-the-counter market, grew to $35.6m from $33.3m a year earlier.
But finance costs rose to $8.1m from $6m as interest bearing loans swelled to $136.6m, compared with $80.7m in 2019.
Capex still outstanding
The group has a commitment of $15.8m relating to the completion of a $24m kamsarmax newbuilding, the Tomini Royalty, due from China's Taizhou Kouan Shipbuilding in December.
The outstanding capital expenditure figure for 2019 was $94m, but Tomini has since taken delivery of another Taizhou Kouan-built kamsarmax, the 82,000-dwt Tomini Nobility, and cancelled a third.
In June 2020, TradeWinds reported that cash-strapped Taizhou Kouan had failed to deliver the Tomini Nobility on time and was having to renegotiate its price.
The shipbuilder had completed a sea trial, but was hit by the Covid-19 pandemic which caused cash-flow problems that stalled production.
The trio of ships was ordered in 2017.
Related-party loan
In September, Tomini snapped up the 60,220-dwt Tomini Integrity (built 2016) for just under $20m.
This was the former Bulk Aries, previously owned by Asa Capital Singapore.
Tomini, which is controlled by the Shaikh family, also revealed it had banked a loan of $7.5m from a related party, Tomini BVI, in 2020.
This carries interest at 3.5% above the three-month Libor rate, maturing in July 2024.
