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Looking back on 2015 24-12-2015

With Christmas in sight, we are pleased to look back on another eventful year for our organization. Despite the fact that the recovery in the freight market is becoming more structural this is still insufficient to guide our fleet out of the danger zone. Our efforts are therefore permanently focused on ensuring the continuity of our organization and quality of service.

 
The crisis years that lie behind us showed mixed signals within the freight market. At the time the rates were finding their way up this trend was abruptly interrupted by a new downward spiral. Fortunately this year we can conclude that once again there is a longer period of stability visible in the freight market. At a steady pace the rates find their way up, whereby it should be noted that the low oilprice has a beneficial effect. The fact is that the revenues - despite the stable image - in many cases are not sufficient to meet all financing obligations.
 
Since the end of the summer, as a result of the above, we have entered into an intensive process with our primary financing bank to see how we can meet the future repayment obligation of our fleet. We hope to have the framework outlined in the beginning of the New Year in which the healthy future of our organization is guaranteed. Until then, we focus upon our quality: providing high quality ship management. Recently, our efforts on maintaining quality were again supported by a positive audit regarding our ISO 9001: 2008 certificate.
 
Surviving in times of crisis also entails that sometimes sacrifices have to be made. We were forced to sell and therefore say goodbye to seven V-type vessels. In order to be able to respond to future developments, we are still looking at the possibilities for fleet expansion. We hope that this ambition will become more concrete in the next year.
 
Last summer we had a joyful event for our organization. Feederlines existed 20 years, a milestone that should obviously not be forgotten. A time to look back at the past and be proud of the way our organization has developed throughout those 20 years.
 
I wish you and your family – together with the whole Feederlines’ staff – a merry Christmas and a prosperous 2016!
 
Jan van der Laan
Managing Director, Feederlines BV