The Brovig group's holding company, Gezina, has reported an annual loss after carrying out tough write downs.
The Norwegian company logged a pre-tax loss of NOK 71m ($7.9m), reversing a NOK 2m profit in 2018.
However, Gezina chief executive Geir Bredo Larsen stressed that the company's operating result is improved, with an operating profit NOK 15m in 2019. It rose from NOK 11m in 2018.
In 2018, Brovig had finally become profitable after seven years of losses.
The company has been through several restructurings after taking losses primarily on its shipping investments, particularly at Brovigtank.
In 2018, leading shareholder Inger Sande Brovig injected fresh capital to Gezina through her company ISB Invest, so that the book equity at the end of that year reached NOK 358m.
Last year's loss has reduced book equity to NOK 274m.
Among developments during 2019, Brovig sold the 4,300-dwt coated tanker Skaw Provider (built 2005) for an undisclosed price.
That left the company with four 4,500-dwt stainless steel chemical tankers built in 2011. All are on bareboat charters to Stolt-Nielsen, the Oslo-listed chemical tanker giant.
TradeWinds understands the charterer has purchase options on the ships, and some sources have said Stolt-Nielsen already exercised the purchase options on two of them.
Inger Brovig is the widow of the late shipowner Tharald Brovig, who died in 2017 at 75.
Farsund-based Brovig has roots in shipping dating back more than 125 years, but it is now a diversified investment company. The company also invests in property, technology, biotechnology and pharmaceuticals.
Inger Brovig owns the company together with her daughters Ina and Thea, who is chairman of Gezina.
