June 20, 2019

Color Line Expects a Lower Profit Than Last Year

Color Group AS is expecting to have a profit in 2019 that is down comparable to the figure reported in 2018, because of:

  • increased oil price
  • weaker Norwegian currency
  • delayed delivery of COLOR HYBRID from Ulstein Yard
  • weaker freight marked than expected.
  • BOHUS which was out of service due to an extraordinary operational disruption
  • Settlement in the legal dispute between Nye Kystlink AS and Color Group AS / Color Line AS.

Total cash effect is estimated to approximately NOK -200 mill. (of which approximately NOK -150 effect on results) In 2019.

BOHUS has been sold to a subsidiary company of Northbay Transportes Maritimos LTD, Madeira, Portugal with delivery latest 30 August 2019. The transaction has been guaranteed by the subsidiary company Tnitsea Shipping LTD, Madeira, Portugal. The ship will continue its operations in the Mediterranean, most likely for Red Star Ferries.