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Annual report

1. INTRODUCTION
2012 has been a good year for the shipping activity, where the market for the VLGCs (Very Large Gas Carrier) has been volatile, but with an average that indicates a mid-cycle year. For the LGC (Large Gas Carrier) segment, the market is more stable, with all the vessels on shorter / longer time charter with a positive trend in freight rates. For the ethylene segment, the market has varied between quarters, but with an overall high level of exports from the Middle East, it has been a good year. Net financial items contributed positively both from dividends from shares, foreign exchange gains and positive value adjustments in line with the stock market in general. The Group recorded a profit before tax of NOK 64.1 million against NOK 14.2 million in 2011. Cash flow was 5.3 million against NOK 36.1 million in 2011, the drop from 2011 comes mainly from the repayment of loans. Tax expense was NOK 8.7 mill, which resulted in a net positive result of NOK 55.5 million against a loss of NOK -22.5 million in 2011.
 
The board of directors propose a dividend for 2012 of NOK0,50 per share.