Private Norwegian ferry owner Color Line more than tripled its pre-tax profit last year, largely due to currency gains and a low oil price.
Managing director Trond Kleivdal says the company had "good cost control and that competitive framework is a precondition for investing in new ships and innovative, environmental maritime solutions".
Color Line last year logged a pre-tax profit of NOK 516m ($61.4m), up from NOK 132m in 2015. Revenues increased from NOK 4.587bn to NOK 4.896bn. The company expects results for 2017 will be similar to 2016.
Color Line, whose Norwegian competitor Fjord Line had a pre-tax profit of NOK 6m last year, has locked in 70% of estimated bunker costs for this year and about 50% for 2018.
The company is owned by Olav Nils Sunde and operates lines between Norway, Sweden, Denmark and Kiel in Germany.
It has signed a contract with Norway's Ulstein yard for the world’s biggest plug-in hybrid ferry. The ship, costing in excess of NOK 1bn and due to be delivered in May 2019, will have capacity for 2,000 passengers and 500 cars. It will operate on the Stromstad, Sweden, to Sandefjord, Norway, route.
At the end of last year, Color Line had a book equity of NOK 2.087bn, or an equity ratio of 28%.
Kleivdal last year received a total renumeration of NOK 5.526m.
