Ship owner Ocean Yield has announced improved financial figures for the year 2016. The new vessels that have joined the fleet in the past 12 months are expected to contribute positively to 2017 results.
EBITDA of Ocean Yield amounted to 74.4 mill. $ in the fourth quarter of 2016 [ds_preview]compared with 56.6 mill. $ in the corresponding period of 2015. Adjusted for finance lease effects, EBITDA was 82.8 mill. $ in the lest three months of the year. This compares to 59.7 mill. $ in Q4 2015. Net profit before tax was 3.1 mill. $ in the fourth quarter of 2016 compared with 3.8 mill. $ in Q4 2015. An impairment charge of 35.6 mill. $ relating to the vessel »Lewek Connector« has been recognized in Q4 2016.
Total revenues and other income for the year 2016 were 294.4 mill. $ as compared with 256.7 mill. $ for the year 2015. The increase reflects delivery of additional vessels to the fleet, where seventeen newbuildings have been delivered to the Company and its associates during 2016.
EBITDA was 265.2 mill. $ for the year 2016, compared with 224.2 mill. $ for the year 2015. Adjusted for finance lease effects, the adjusted EBITDA was 291.3 mill. $ in year 2016, compared with 235.0 mill. $ in the year 2015.
Operating Profit was 129.2 mill. $ as compared with 98.9 mill. $ for the year 2015. Net Profit before tax was 94.0 mill. $ for the year 2016 compared with 80.4 mill. $ for the year 2015. Net Profit after tax was 77.5 mill. $ in 2016, compared to 105.0 million for the year 2015.
Ocean Yield has taken delivery of a total of 17 vessels during 2016. The Company still has another three vessels with planned delivery during 2017. These three vessels, together with full quarter earnings effect from those vessels delivered during the fourth quarter, are expected to contribute positively to revenues in 2017.
