March 1 (SeeNews) - Croatian shipping company Tankerska Next Generation [ZSE:TPNG] said it turned to a net loss of 31.7 million kuna ($5 million/4.2 million euro) in 2020 from a net profit of 23.3 million kuna in 2019.
Tanker shipping was negatively affected by lower demand for oil products due to lockdowns imposed to curb the COVID-19 spread, Tankerska Next Generation said in an annual financial statement filed with the Zagreb bourse last week.
Tankerska Next Generation's operating income fell 10% to 241.1 million kuna in 2020, while operating costs decreased 17% to 252.4 million kuna.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) dropped by an annual 12% to 97.3 million kuna in the year under review.
Tankerska Next Generation's fleet consists of six tankers in operation. The shipping company is majority-owned by Zadar-based peer Tankerska Plovidba.
(1 euro = 7.57587 kuna)