In 9M of 2021, sales increased by 70%, EBITDA increased by 224%, while net profit reached HRK 91.1m

In the first nine months of 2021, the company transported 5.32m tons of cargo, representing an increase of 9.9% YoY. Of that, coal makes up for roughly 60%, followed by minor bulk and iron ore.

Currently, Atlantska Plovidba operates with 12 vessels, of which 5 are classified as Panamax, 5 as Supramax and 2 as Handy. Of those, 4 vessels are employed on a long-term lease (> 1 year), while 8 are employed on short term lease (< 1 year). In the mentioned period, the fleet utilization rate amounted to 90.30%.

According to the company reports, average daily freight rate in 9m of 2021 rose sharply to roughly USD 15,408 per day (roughly +88% YoY). We also note that the company’s average freight rate rose on a MoM basis and as of September stood just slightly below USD 20,000.

As a result of the favourable environment, in the first nine months of 2020 the company observed a steep increase in sales of 70%, amounting to HRK 322.9m. Looking solely at Q3, sales were up by 68% YoY.

Operating expenses in 9M observed a decrease of 6.9% YoY, amounting to HRK 206.8m. The aforementioned increase could be attributed to lower material costs of -11.3% and lower employee costs (-6.4% YoY).

Therefore, as a result of both higher operating revenue and lower operating expenses, EBITDA reached HRK 181.2m (+224.4%).  Such a result led to EBITDA margin being significantly higher as well, at 53.7% (+27.9 p.p.). Going further down the P&L, the company recorded EBIT of HRK 130.4m compared to a loss of HRK -5.93m in 9M of 2020.

At the same time, Atlantska Plovidba recorded a net financial loss of HRK -39.3m, which represents a decrease in loss of HRK 5.8m. The mentioned decrease could be attributed to somewhat lower interest payments in 9M 2021. As a result of all of the above, the company’s bottom line noted a turnaround, reaching HRK 91.1m, compared to a net loss of HRK -51.07m in 9M of 2020.