Swedish offshore/icebreaking and industrial shipping company Transatlantic has posted a loss of SEK 116mn (EUR 11.86mn USD 16.13mn) in Q4 of 2009, down from a profit of SEK 63mn in the corresponding quarter of 2008, Logistics Finland reports. Sales dropped 88% in the company's offshore division for the quarter, which weighed heavily on the company's operating loss (SEK -21mn). Transatlantic's acting MD Stefan Eliasson attributes the loss to a combination of an increased supply with a lower demand. The company's industrial shipping division noted a sales decrease of 9% in comparison to Q4 of 2008.
Eliasson adds that demand for sea transport increased during this period and that he believes the overall market will slowly steady itself in 2010. The recession had a very rough influence on the Transatlantic and the entire shipping industry in 2009.