Dockwise swung to a $2.6 million profit in the second quarter even as it faced a decline in heavy lift projects, softer rates and thinner margins.
The Netherlands-based heavy lift carrier lost $7.9 million in the first quarter and $4.9 million in second quarter of 2010.
Revenue in the second quarter grew 22 percent year-over-year to $109 million first three months of the year, down $3 million from the same period a year ago.
Vessel utilization improved to 85 percent from 64 percent in the first quarter. The backlog of contracts reached a record $471 million through 2015.
“The pricing and volume weaknesses that have characterized the short-term market in recent quarters persist, and we anticipate that the impact on Dockwise may continue into the early months of 2010,” the company said.
Despite fewer projects and a subdued financial performance, “this has been a tremendously exciting period for Dockwise,” CEO Andre Goedee said.
“Tendering volumes and subsequently contract awards, both for production facilities and Liquefied Natural Gas projects, have continued strongly – and are being sustained through the summer months.”
Dockwise recently signed the first contract for the world’s largest heavy lift vessel, the 110,000 tons capacity Dockwise Vanguard, with US. oil company Chevron.
The $240 million ship will be delivered by South Korea’s Hyundai Heavy Industries in the final quarter of 2012.
-- Contact Bruce Barnard at email@example.com.