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Press Release General Meeting of Shareholders

ReIt was held today, March 23rd 2017, the general meeting of shareholders of LISNAVE, where the accounts for the year 2016 were approved as set out in the report and accounts of 2016, available on the company website.

From the approved accounts are to highlight:

1. 1-The sales volume of shiprepair (67 vessels repaired): 95,700,000 euros (113,200,000 in 2015);
2. Net result: 6,715,000 euros (13,600,000 in 2015);
3. Dividends to 200 shareholders of the company: 6,700,000 euros;
4. Extra bonus to workers: 1,200,000 euros (already included in the income for the year).

In portuguese

Lisnave in 2016: positive performance

LISNAVE achieved good positive results although 2016 was a difficult year for the shiprepair activity – strongly affected by the crisis in the maritime transportation sector, which suffered a sharp reduction in freight rates as a consequence of the increase of the world fleet and the continuous instability in the world economy. Despite the increase of international competition - LISNAVE managed to achieve a positive performance, repairing 67 vessels. Although a lower number of vessels repaired compared to the expectations at the beginning of the year and a slight decrease in the number of vessels repaired compared with the recent years, there has been, on average, a significant increase in the workload per vessel.


The vessels repaired were from 39 different Clients, from 17 different countries. Analyzing Clients ' nationality that docked most vessels, Greece lead the list with 12 vessels, followed by Singapore with 11, Norway with 8 and Germany with 6.

Based on the extensive know-how accumulated over decades, LISNAVE continues to repair various types of vessels. It is still the traditional market of oil tankers, where LISNAVE keeps the European leadership in repairs with the docking of 51 vessels, followed by container vessels with 6 units.
Confirming a constant trend in recent years of activity, the number of repairs from loyal customers was very high during the year 2016 being the result of the recognition by Ship Owners of the quality of the work performed. This maintains the brand image of LISNAVE.

Throughout the year, TEEKAY based in Singapore and Norway, docked 8 vessels and TSAKOS COLUMBIA SHIPMANAGMENT from Greece docked 6 vessels; also the Singapore based AET and the Venezuelan PDV MARINA docked 4 vessels each.

Of the major works carried out the highlights were the "Tokyo Spirit" and "Nordic Spirit" from TEEKAY, the "Zeus" and the "Proteo" from PDV MARINA, the “Fortaleza Knutsen” and the “Recife Knutsen” from KNOT and dredgers "Gerardus Mercator" and "Kaishuu" from JAN DE NUL.

This press release in Portuguese