Vard's Q3 loss narrows to $17.5m

Its diversification strategy paid off.

Shipbuilder VARD has successfuly narrowed its losses in the past quarter to $17.5m (NOK 128m) from $142.3m (NOK 845m).

According to the group, its diversification strategy continues to yield promising results, generating strong order flows in the past quarter.

"A total of seven new contracts were garnered by the Group during the quarter, in addition to the confirmation of an order for four ice-class expedition cruise vessels for French cruise company PONANT – which was previously communicated in the first half of the year," the group stated.

The new contracts include two luxury cruise vessels for Hapag-Lloyd Cruises, an additional order for two Module Carrier Vessels, a new win from the National Maritime Carrier of the Republic of Kazakhstan, Kazmortransflot, for the design and construction of a further three MCVs.

"VARD’s new order intake amounted to NOK 3.3 billion in the past quarter, bringing the figure to NOK 10.2 billion for the first nine months of the year – exceeding total new order intakes for each of the prior two financial years," the group said.

As of the end of the quarter, the group had an order book of 45 vessels, of which 37, or 82%, will be of VARD’s own design.