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24 September 2020 The on-line newspaper devoted to the world of transports 16:48 GMT+2

September 15, 2020

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Original news
Orsero also reported a rise in half-year results thanks to the contribution of the Shipping sector

In the first six months, the net revenues of the shipping increased by 16.9%

In the first half of this year, the financial results of the Italian group Orsero have seen a marked increase compared to performance in the first half of 2019 significant contributed to the shipping division of the group that is focused on the activities of the shipping company Cosiarma that mainly works in the import of fruit (bananas and pineapples) from Central America with four refrigerated ships property and a rental that serve both the group and proportionately about 50%-50%.

In the first six months of 2020, the group's net revenues EUR 520.8 million, an increase of 5.7% on first half of last year. Operating profit was EUR 9.1 million (up 95.1%) net profit of 6.2 million eur 459.4%.

The Shipping sector alone reported revenues of 52.7 EUR 16.9%, Adjusted EBITDA of EUR 10.2 million (37.2%) operating profit of 3.9 million euros, or 89.7%. The company has announced that the increase in net revenues due to the good level of the volumes transported, with a load-factor, which was about 95%, and the rental instalment growth linked to fuel cost IMO 2020 legislation that has imposed Since January 1st, the use of low-cost naval fuels sulfur content. In this regard, the group pointed to "how all transport contracts have BAF clauses (Bunker Adjustment Factor) that by adjusting the value of the rental in operation increases/decreases in the cost of fuel shelter from the variability of the fuel cost, limiting However, as a result, the possible benefit induced, such as this year, by the fall in the cost of oil and derivatives'. In the first half of 2020, the total cost related to the bunker was 13.4 million euros, valued at similar to the purchase of fuel in the first half of the year last year, costs of 25.5% respectively 29.6% of revenues recorded in the sector over the two periods.

Orsero specified that the improvement in operating margin shipping was made possible by the recovery of profitability of the shipping business already 2019, after underperforming in 2017 and Orsero also pointed out that in the Shipping sector, revenues, denominated in dollars, are higher than the costs incurred in Euro.

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