Senator Lines has recorded a profit in 2007 after a "very difficult year 2006 in the shipping business with nearly all container shipping lines in the red," the company said.
The Germany-based ocean carrier ended the 2007 business year with a profit from operations of US$14 million, following the successful implementation of a restructuring programme that it says will pave the way for further profit, in spite of soaring oil prices and a slowdown in the US import trade.
Last year, Senator Lines boosted the average load factor on the majority of its 14 liner services, a statement said. On eastbound voyages the average utilisation rate showed a 9 per cent improvement, while westbound load factors remained high as in previous years.
Chief executive officer Hans-Hermann Mohr said, "This restructuring, implemented by the end of a painful 2006 for all container lines, has enabled us to move back into black figures."
The restructuring drive was also hailed for helping to maintain stable container-related expenses despite the "remarkable general cost increase in the market."
Looking ahead, the carrier intends to grow by increasing the capacity of services that have been performing well, such as its MEX and NMX services which have experienced "significant" capacity increases over the last couple of months.
Mr Mohr said, "In the short term, Senator will be focusing on the stabilisation of the business and financial structure and maintaining its market position and business."
In the mid and long term, the container shipping line aims to achieve growth by focusing on expanding competitive new niche lanes and businesses, particularly within its local region, in order to achieve a better-balanced business portfolio. "Of course each of these potential projects depends on further individual market development of the respective trade," added Jens Philippi, director of commercial management.
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