More at Marenave

Marenave Schiffahrts, the publicly listed German shipping trust, has pushed up 2008 profit “despite turbulence in the financial markets.”

Its net profit was EUR 10.3m ($13.62m) last year, up from EUR 5.7m in 2007.

And it said: “The company's fleet could be further strengthened.”

Marenave changed its ship management company for two of its products tankers last year, boosting profit.

In the second quarter, one vessel was returned early from a time charter and then contributed more profit than expected in the rest of the year

A sixth products carrier was bought in the third quarter and Marenave also owns boxships and a car carrier. There are four bulkers being built for charter to Hanjin.

Of the containership market, it said: “In the near to intermediate term it will be difficult to achieve satisfactory rates in all size classes.

“Given their flexibility in being employed as feeder tonnage, however, the market environment is expected to remain healthy for both vessels over the long term.”

Chairman Tobias Konig said: “We are looking confidently forward to the year 2009 in light of our very well diversified tonnage portfolio, and will continue and make every effort to achieve the best possible results.

“The critical factor will be whether the tanker markets can continue robustly to resist the consequences of the economic downturn as was still the case through the end of the first quarter 2009.

“The onset of the recovery in the container markets is likely to occur significantly later than in the bulk-carrier markets and to start with smaller-sized ships, so that we find ourselves and our two 1,200-teu vessels well positioned."

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