2014 was a very good year for the larger LPG ships. A VLGC (Very Large Gas Carrier) market with a monthly average far above the historical peaks, along with a very tight LGC (Large Gas Carrier) market, resulted in Solvang’s highest ever earnings from the shipping activities. The ethylene segment showed a slight improvement from 2013, with good arbitrage between west and east, which resulted in long voyages for the larger ethylene ships.
The Group recorded a profit before tax of NOK 108.4 million against NOK 63.8 million in 2013. Positive cash flow was NOK 33.9 million compared to negative NOK 3.9 million in 2013, where the improvement comes mainly from investments in new ships, as well as higher dividends from the ship owning companies in 2014. Tax expense was NOK 5.6 million, and the Group had a profit after tax of NOK 102.8 million against NOK 65.7 million in 2013.
The board of directors propose a dividend for 2014 of NOK 1.00 per share.