Norwegian Car Carriers said it expects “improved tonnage balance and higher charter rates for car carriers” over the next 12 months, after halving its second quarter loss from a year ago to $2.9 million.
The Oslo-listed carrier said global auto trade has recovered faster than expected from supply chain disruptions caused by the Japanase earthqake, and the company expects a “substantially stronger market in 2013.”
The carrier reported a $634,000 profit in the first half against a $6.7 million loss in the 2010 period. Operating income surged to $16.3 million in the second quarter from $10 million in the same period a year ago, as renewed charters on three vessels were 11 percent higher than previous fixtures.
NCC, which owns 12 ships with another on order, said Japan’s car production and exports were back at pre-quake levels at the end of the second quarter. Korean auto exports continued to grow strongly during the quarter to hit an all-time high in June.
All car carriers idled during the shutdown of Japan’s auto industry are back in operation, NCC said.
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