March 7 (SeeNews) - Croatian shipping company Alpha Adriatic Group [ZSE:ULPL] said its consolidated earnings before interest, tax, depreciation and amortisation (EBITDA) fell to 4.5 million euro ($4.9 million) last year from 13.3 million euro in 2022 amid lower freight rates for dry cargo.
The company's consolidated operating revenue fell to 18.4 million euro in 2022, from 24.5 million euro in 2022, the company said in a filing with the Zagreb bourse last week.
Revenue from freight fares and management services fell to 16.5 million euro, from 17.4 million euro in 2022.
Freight rates in the segment of dry bulk cargo were lower last year compared to 2022, while in the segment of tankers, freight rates were stable, the company noted.
Operating costs rose to 16.8 million euro in 2023 from 13.8 million in 2022.
The company's fleet consisted of 1 MR tanker and 4 Supramax tankers with an average age of 10.6 years. Besides, it provides ship management services for three MR tankers owned by Norwegian shipping group Champion.
Alpha Adriatic's shares last traded on Wednesday on the Zagreb bourse, when they fell 4.74% to 18.10 euro.
($= 0.918 euro)