Clipper Group's Danish unit has posted a loss for 2016 after being hit by forex and ship sale losses.
The net result for Clipper Group A/S, which controls Seatruck and Danske Faerger, was a deficit of $13m, compared to a profit of $13m in 2015.
Revenue grew to $221m from $207m, however, while operating earnings increased from $6m to $10m due to increased activity levels.
“The underlying business, activity level and operating profit of Clipper Group A/S is strong, and both Seatruck and Danske Faerger have performed exceptionally well in 2016 with significantly more freight and passengers transported than in 2015,” said CFO Flemming Steen.
“The net result deficit of $13m is mainly due to unrealised exchange rate loss on euro loans and loss on the sale of two ferries.”
Ro-ro company Seatruck boosted volumes by 18.7% to 343,000 freight units.
Ferry unit Danish Faerger increased car transport by 6.3% to 1.12m and passenger numbers by 3.6% to 4.28m.
The group's bulker activities are not included in the results.
But Steen said activity levels "grew substantially" during last year, both in terms of vessel days and ships operated.
He added: "In terms of rate levels, 2016 was a difficult year for the industry, but the market improved significantly during the last months of the year, and this development continued in 2017.”
