Croatian shipowner Atlantska Plovidba is facing an earnings headache after one of its bulkers suffered major damage in a collision off the US over the weekend.
The company said in a statement to the Zagreb Stock Exchange that the 39,000-dwt handysize AP Revelin (built 2016) suffered an impact with another vessel as it exited Port Arthur in Texas.
The owner added that the Croatian ship suffered serious damage.
Following the 21 August accident, a complete check-up and repairs will be needed, which Atlantska said will cause a significant loss of operational time for the ship.
Both the shipowner and the US Coast Guard said no injuries were reported and that there was no pollution.
The company is investigating the cause of the accident and has not identified the other ship involved, as is the Coast Guard in conjunction with the National Transportation Safety Board.
Coast Guard officials told TradeWinds that the 18,143-dwt general cargoship Damgracht (built 2009) was carrying a cargo of cement when an engine alarm went off.
Crew on the Netherlands-flagged ship shut the engine off, leading to a loss of steering and an eventual collision with the AP Revelin.
The AP Revelin had damage to its port quarter, the Coast Guard said, while the Damgracht sustained damage to its bow. The agency said both ships are anchored at Sabine Pass undergoing damage assessments.
Atlantska’s shares traded down as much as 4.8% lower in Zagreb on Monday.
In May, the company revealed a bulker sale as it reported a big jump in earnings.
Atlantska said it had signed a deal to offload the 57,000-dwt supramax AP Ston (built 2012) for $19.5m to an unnamed buyer.
The shipowner has been raising cash through a series of sale-and-leaseback deals in recent months.
Leaseback deal
In August, it sold the AP Revelin itself to Hong Kong leasing house CSSC Shipping to cut interest expenses.
The deal included a charter back to Atlantska for eight years.
The AP Revelin is one of two handysizes in the Atlantska Plovidba fleet, which includes five supramaxes and five panamaxes.
Atlantska logged a net profit in the first quarter of HRK 67.3m ($8.9m) — up from HRK 12m in the same period of 2021.
Revenue was up at HRK 153.8m, against HRK 90.8m a year ago.
Ebitda rose 134% year on year to hit HRK 97m.
