Croatia's Alpha Adriatic adjusted EBITDA down 6.8% in 2022

Its consolidated revenue fell to 177.3 million kuna in 2022, from 265 million kuna in 2021, the company said in a filing with the Zagreb bourse last week.

The revenue from freight fares and management edged up to 139.4 million kuna, from 138 million kuna.

Freight rates in the segment of dry bulk cargo were lower last year compared to 2021, while in the segment of tankers, by the end of the last year there was a positive trend of freight rates which is expected to have beneficial implication in the coming periods, the company noted.

Operating costs surged to 102.7 million kuna in 2022 from 83.1 million in 2021. The company had 30 employees at the end of December. Its fleet consisted of 1 MR tanker and 4 Supramax tankers with an average age of 10 years. Besides, it provides ship management services for three MR tankers owned by Norwegian shipping group Champion.

Alpha Adriatic's ordinary shares were the biggest daily gainer intraday on Thursday on the Zagreb bourse, as they traded 6.56% higher at 26 euro.

($= 0.946 euro)