Damen suffers 2018 loss

Damen

Damen Shipyards Group posted a net loss of EUR 17 million (USD 19.1 million) in 2018.

As explained, the full-year result was affected by a sustained period of difficulty in a number of maritime sectors and investments Damen has made.

Despite the difficult market conditions, the shipyards group has continued to book a large number of projects – worth in the region of EUR 1.9 billion in 2018.

“Turnover is generally healthy. The difficulty is that, despite high levels of activity, profit is under pressure from a combination of factors including vessel oversupply in some markets, fierce competition and increasing labour costs in certain regions,” Réne Berkvens, CEO, commented.

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