IMS into profit, but only just

IM Skaugen has reported a net profit of $0.1m for the first quarter 2012, an improvement on the loss of $4.4m for first quarter 2011 and a loss of $4.2m in the previous period. However, EBITDA fell from $6.0m last year to $5.3m. Norgas Carriers posted EBITDA of $6.1m, down from $8.6m in first quarter 2011, with the company reporting unplanned cracker shutdowns causing lower volumes under COAs, alongside a weak spot market for LPG tankers.

IM Skaugen is concerned about the potential effects on global trade patterns once the trading sanctions on Iran take full effect on May 1. The move has the potential to create a significant increase in tonne-mile demand for petrochemical gas shipping services.