Bonheur has logged a drop in fourth-quarter earnings despite selling an elderly cruise ship for a big profit.
The Oslo-listed Fred Olsen group holding company said the 24,300-gt Braemar (built 1993) fetched $13m from an unnamed owner that brokers named as Villa Vie Residences of the US.
This resulted in a gain of NOK 86m ($8.2m), lifting net earnings to NOK 287m, down from NOK 718m a year earlier.
The Braemar has been laid up since the onset of the Covid-19 pandemic, and Bonheur put it up for sale in 2022.
VesselsValue assesses it as worth $8.5m, with a special survey due. The vessel was bought for $51m at auction in 2001.
Delivery is set for this month.
Fred Olsen Cruise Lines continues to see a positive market and good booking numbers for 2024, Bonheur said.
Cruise Ebitda was NOK 133m in the quarter, turning around a loss of NOK 95m in 2022.
The company is left with three other cruise ships.
Group revenue was NOK 3.5bn, up from NOK 3.4bn the year before.
Financial expenses rose to NOK 418m, however, from NOK 172m, hurting the bottom line.
Wind farm vessel outlook good
Bonheur is proposing a dividend of NOK 6 per share or NOK 255m.
Annual group profit was NOK 205m, compared with a loss of NOK 1.1bn the year before.
The offshore wind fleet, including three Tern wind turbine installation vessels, recorded Ebitda of NOK 402m in the final three months, down a little from NOK 405m in 2022.
“The market outlook for WTIVs is positive, and the Tern vessels are close to being fully utilised for the period 2024 to 2026 with a contract backlog of €535m [$575m],” the company said.
Bonheur is the owner of TradeWinds’ parent media company DN Media Group.
