Italia Marittima loosing money, but remaining in Trieste
Michela Nardulli was appointed chairman, while Antonio Maneschi replaced his father at the helm of Evergreen Italy
Italia Marittima remains in Trieste and Antonio Maneschi – son of Pierluigi, who passed away a few months ago – is the new chairman of Evergreen Italy.
TO Delta confirmed it to Ship2Shore, pointing out that "in order to ensure family continuity, Antonio Maneschi was appointed chairman of Evergreen Italy, while Michela Nardulli was appointed chairman of Italia Marittima".
Therefore, Italia Marittima (former Lloyd Triestino) will remain in Italy, in Trieste, and the Maneschi family will remain at the helm of Evergreen Italy.
With regard to the shipping company remaining in Italy there were employment concerns since Italia Marittima's 23 ships (until the end of 2017 they were 31) fly the Italian flag, thus ensuring a high number of jobs onboard (an average of 216 during 2018).
The Trieste-based shipping company – fully controlled by Evergreen through the Dutch company Balsam Estate BV – is facing serious financial problems, which last year required a capital increase of over 26 million euro, and this year they may require additional financial resources.
Italia Marittima's 2018 financial statements recorded a decrease in turnover amounting to 844.5 euro (compared to 1.1 billion of the previous year), and a 62.3 million loss compared to the 41.2 profits achieved in 2017. According to the account management report, “the reduction of production value and costs is caused by the decrease in TEUs transported due to the reduction of the overall capacity of the fleet. However, the significant worsening of the gross operating margin is due to a drop in average charters compared to the previous financial year combined with an higher average cost of fuel”. The capital increase carried out by the shareholder Balsam Estate BV to mitigate the loss in 2018 amounted to 26.3 million, 12.8 of which resulting from investments and 13.5 from waivers to credits.
This year, the situation did not improve. In fact, according to the account management report of Italia Marittima, a loss is expected for the first quarter of 2019 due to the same factors: “High competitiveness caused by the constant flow of new tonnage in the market, and to the uncertainty related to the fuel price trend. Starting from the Far East – Europe routes and affecting the other main traffic lines, the increased capacity flow will keep on putting pressure on the freights level, which, in case of high fuel prices as in 2018, makes it difficult to achieve satisfactory goals in terms of profitability”. In compliance with the Evergreen group's strategy, Italia Marittima is planning to strengthen and increase its presence in the Mediterranean area over the medium term.
The report concluded by saying that “the 2019 financial year budget expects a negative result, which during 2019 will erode net equity placing the company in the situation provided for by Article 2446. However, thanks to the Balsam Estate BV's commitment to support the company”, the directors believe that “in the upcoming 12 months” Italia Marittima “will operate on a going concern basis”.