Odessos Ship Repair Yard S.A. Is Interested in International Markets According to BAC Report16 Sep 2011 • by Natalie Aster
LONDON - Odessos concentrates on international operations rather than domestic ones. In 2010 its foreign operations amounted 93.4% (in 2009 this index equaled 88.8%). The company understands the value and meaning of international focus – it helps to overcome difficult times (like financial crisis) with less losses. If the company had been operating mainly in Bulgarian market, it would have undergone more hardship than it actually did. Concentration on international services helped Odessos keep operating and generating revenues.
But international focus has its own peculiarities. Odessos has established relationships with foreign suppliers and customers, implying that some of the balances, income and expenses are denominated in foreign currency, respectively generate high levels of currency risk. The main supply of basic materials and its sales are in EUR, but some are in USD or other currencies, which generates foreign exchange risk due to possible negative movements of the EUR against other currencies. The Company's task is to ensure effective risk management.
2010 was a flat year for the ship yard. Although revenues rose by 7.4% and reached BGN 30.2 M, net revenue dropped to BGN 2.3, a 20.7% fall. The share of exports in 2010 remains high; this speaks about the plant’s venerable international reputation. Contacts and business partnerships with traditional world-renowned shipping companies are maintained. During 2010 47 ships totally were repaired at the company’s facilities. 43 of them belonged to owners from Western Europe or US; 4 were Bulgarian.
Founded in 1955 and headquartered in Varna (Bulgaria), Odessos Ship Repair Yard engages in repair and dry docking of vessels up to 75,000 DWT and afloat repairs of vessels up to 150,000 DWT. It operates three facilities: one graving dock and two floating docks.
Full description of the company’s present activities, business and financial analysis can be found in the report “Odessos Ship Repair Yard S.A. Fundamental Company Report Including Financial, SWOT, Competitors and Industry Analysis” recently published by Market Publishers Ltd.
Title: Odessos Ship Repair Yard S.A. Fundamental Company Report Including Financial, SWOT, Competitors and Industry Analysis
Date: Sep, 2011
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