Starzs Celebrates 7-Year Zero Lost Injury

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Engr. Greg Ogbeifun, C.E.O Starzs Investments Company Limited
  • On World Day For Safety, Health At Work
  • As Tanker Activities Push Norden to Profit

Indigenous shipping services giant, the Starzs Investments Company Limited is celebrating seven years of zero lost time injury (LTI), as the global Maritime community celebrates the World Day for Safety and Health at Work.

“We are pleased to announce that as the world celebrates the World Day for Safety and Health at Work, Starzs Investments Company Limited (SICL) is also celebrating seven years of Zero Lost Time Injury (LTI) across our respective operations.

“We are proud of this great accomplishment considering the inherent risks associated with the nature of our operations offshore in the Oil and Gas Industry”, the Chairman and Chief Executive Officer of foremost service providing company, Engr Greg Utomwen Ogbeifun indicated, stressing that the Management of SICL has indeed, put in a lot of time, effort and financial resources to entrench ensure “the highest standards of safety in all aspects of operations”, particularly in the safety of employees, employers and other third party personnel taking priority over financial benefits.

“The biggest key to our achievement of this milestone is the development of a sense of family which comes with shared purpose, a reason to care about others as much as your own safety and
a passion for doing things right.

“The SICL has made a lot of effort into developing good leadership practices with both supervision and the frontline workforce. Rigorous risk assessment processes are carried out before commencing any work and all our employees are empowered to stop unsafe practices.

“Our vendors are not left out as they are continuously engaged on safety awareness and safety
practices where non conformities are highlighted and opportunities for feedback and input are
created. To our joy, our vendors are also imbibing minimum LTI targets in their establishments.

“This milestone accomplishment in our quest for safety excellence shows that an injury free workplace is achievable in all organizations”, the CEO stated further, stressing that the company’s everyday guiding principle is: “No job is so important that we cannot afford the time to do it safely!”

In the meantime, Danish shipping company Dampskibsselskabet Norden A/S has reported its adjusted result for the first quarter of 2017 at USD 1 million, against a loss of USD 5 million seen in 2016.

Coverage prevented Norden from benefitting from a dry cargo market that continued a gradual improvement on the back of strong year-on-year increase in Chinese imports, while the tanker fleet remained well positioned to exploit local and temporary rate spikes in an otherwise challenging tanker market.

Norden’s tanker activities generated an adjusted result for the period of USD 10 million, compared to USD 15 million seen in the corresponding quarter in 2016. The tanker result was generated in an overall challenging market that, however, also offered significant local spikes in clean product rates. In the dry cargo market, the steady increase in rates that began in the fourth quarter of 2016 continued and rates were significantly higher than in the first quarter of 2016.

However, the dry cargo result for the first quarter has not benefited from the increase in market rates, as Norden entered the quarter with more than 100% cover and the adjusted result for the period ended at USD -9 million, shrinking from USD -20 million reported a year earlier.

“On the back of strong performance by our Tanker business in a challenging market, we present our first quarterly adjusted profit since 2015,” Jan Rindbo, Norden CEO, said.

“In Tankers, we were able to make the most of regional and temporary market spikes and benefitted from the decision to increase our chartered fleet at relatively low costs at the end of 2016,” Rindbo said, adding that, in dry cargo, the company “did not benefit from the improving rates in the first quarter, but they have increased the value of Norden’s forward position in a year that overall still looks challenging in both segments.”

Norden said that the expectations for the adjusted result for the year maintained at USD -20 to +40 million with a dry cargo market that is set to offer rates a little higher than in 2016 and a tanker market that still looks challenging throughout 2017.

The company has increased both its short- and long-term exposure during the first quarter of 2017. In the tanker segment, Norden has entered into both short- and long-term charter agreements including two MR tanker newbuildings on long-term T/Cs with delivery in mid-2018.

The dry cargo segment has continued the strategic expansion of operator activities with an increase in short-term chartering and a new organisational set-up to support this.

At the end of the first quarter of 2017, Norden had 3 vessels held for sale of which the first is scheduled for delivery in April while the remaining ships will be delivered in the second half of 2017 once they leave the yard.

Additional report from World Maritime News

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