Lindo racks up deficit

Lindo shipyard in Denmark, which recently deleted two bulk carriers of the already small order book, entered 2009 with a deficit of DKK 562.3 million. While this was an improvement compared to the DKK 827 million deficit last year, it is still not a good result. Last year the turnover of the Lindo Group dropped from DKK 6.6 billion in 2008 to 5.2 billion. The deficit was DKK 389 million for the shipyard, whereas the entire operation made losses of DKK 565 million.

This was caused, among other things, by the fact that funds had been put aside for the construction of six dry cargo ships which are expected to result in a loss and 2009 will probably end with a deficit. The management will not give estimates of how big a deficit they expect in 2009.