Polsteam, the largest Polish shipowner, generated PLN 50.2 million profit last year. In Q3 2008, following the global market downturn, the number of shipments decreased and the company’s results deteriorated.

The profit generated in 2008 was PLN 2.5 million higher than that for 2007. It was mostly generated in Q1, Q2 and Q3 of 2008, being very favorable for maritime transport market. In Q4 2008, a dramatic, nearly 95 percent drop of freight rates took place.
In 2008, the Polsteam fleet shipped the total of 21.6 million tons of cargo, with the largest share of coal and coke (5.8 million ton), phosphorite (1.4 million tons), fertilizers (1.1. million tons) and sulphur (1 million tons).

Early in 2009, the situation improved a little, but according to Krzysztof Gogol, the Polsteam spokesman, Q1 results will reflect the market condition and thus cannot be as good as in the corresponding period last year.

„Additionally, we accelerated ship repairs, which resulted in significant costs”, says Gogol. “In previous years, we were in a favorable position having concluded a large number of long-term contracts. At present, our operations are almost entirely based on one-off freights.

Polsteam planned construction of two passenger and car ferries in Stocznia Szczecińska Nowa. After the sale, the plans have been postponed. According to Krzysztof Gogol, the investment will take place in the years 2012-2013.

On 26 May, the Employee Council of Polsteam (which is a state-owned enterprise) approved the balance sheet for 2008. On the same day, Polsteam employees unanimously positively evaluated the work of Paweł Szynkaruk, CEO, in 2008.
Polsteam’s registered office is located in Szczecin.

SG