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Positive Results in Year of Particularly Adverse Activity

Lisnave faced in 2017, adverse market conditions resulting from the combined effect of the low growth of global economy, the depressing situation of shipping freight and the increase of global competition. Nevertheless Lisnave remains European leader in the shiprepair and maintenance of large vessels.

The commercial activity developed and the continued high level of the so-called “Repeat Business” was not sufficient to offset the effect of the degradation of the market of shiprepair and maintenance in Western Europe. Lisnave repaired 78 vessels during 2017. Due to the globalization of Lisnave’s market, the vessels repaired during 2017 originated from 45 clients from 21 countries, being the most significant markets, considering the number of vessels repaired, Singapore (12 vessels), Greece (10 vessels) and Germany with 7 vessels.

As a direct result of the low profitability of shipping activity, the average volume of work by vessel, in current repairs, continued at low levels. The average turnover per vessel, despite the volume of some works performed have been higher than expected, turned out to be below the values of previous years.

In this context Lisnave ended the year 2017 with a sales volume of ship repair and maintenance of 87.5 million Euros, out of a total of 89.7 million operating income. Keeping its traditional profile as an exporting company, in 2017 Lisnave sold to the foreign market 84.2 million Euros.

Resulting from the adverse conditions and the decrease in shiprepair activity, the net profit for the financial year was 1,95 million Euros.

Following the policy of previous years, and having achieved a positive result at the end of the year, Lisnave has decided to assign a balance bonus to the workers amounting to 480 thousand Euros.

The expectation of recovering in demand in the maritime transportation market and consequent increase in freight transport which was expected in 2018, should not occur, so it is expected a level of demand for shiprepair and maintenance for 2018 similar to last year. The entry into force of international regulations for 2020 is likely the recovery enhance activity for 2019 and 2020.

Certain that the challenges of the present and the future will be overcome successfully Lisnave remains firm to the course plotted in 2000 with the investments plan worth approximately 35 million Euro, in addition continuing with the program of rejuvenation and training new Workers that started in 2006, which ensured the admittance of more than 250 recruits.
This article in Portuguese