Business News

Splosna plovba Increased Profit to EUR 35.3M in 2010

Portoroz, 14 March (STA) - Slovenia's maritime shipping group Splosna plovba generated EUR 168.9m in revenues last year, which is 25% more than in 2009. The group's net profit was up by EUR 11m to EUR 35.3m, according to the unaudited results that Splosna plovba published on Monday.

The Portoroz-based company, which is in majority ownership of German shipowner Peter Doehle, expects a successful 2011 as well, but results are not expected to be as good as last year.

Compared to mid-2010, freight rates for bulk cargo are down 66%, the company said, adding that precise projections could not be made as the market depends on a series of unpredictable factors.

Analysts predict that the volume of transshipped bulk cargo will increase by 6% in 2011 compared to last year, but that this would not mean more business for the existing fleet as the global fleet is expected to expand by 13%.

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