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Action against downturn

Action against downturn
Lloyd?s Register expects to ride out the global economic downturn by improving the quality of tonnage in its classed fleet.

Lloyd's Register takes action on downturn

Lloyd"s Register expects to ride out the global economic downturn by improving the quality of tonnage in its classed fleet and increasing its market share of oil-related activities.

?It is clear that next year will pose a significant challenge to Lloyd"s Register. I am confident that if we take appropriate action in the short-term, we will achieve a positive outcome next year,? Lloyd"s Register chairman David Moorhouse said.

The London-based group reported a 20% rise in income in the 12 months to the end of June to £594m ($874m), compared with £497m in the same period of 2006-2007. The volume of tonnage classed by Lloyd"s Register increased by 8% to 144m gt in 2008.

?Following very strong growth in 2007, I am pleased to be able to report another year of strong underlying financial performance in 2008,? said Mr Moorhouse.

Lloyd"s Register said the marine business environment has ?moved to a period of high volatility and a significant decline in the number of new ship orders.

?Our new construction orderbook looks very positive through 2010, but we are conscious of the potential for high levels of existing ship order cancellations,? the classification society said in a statement.

?The marine business achieved success in attracting quality tonnage to Lloyd"s Register class and continued to put a very strong emphasis on the quality of the vessels in its classed fleet.?

Revenues for its marine business increased by 15% year-on-year and revenues from the oil and gas business rose by 71%.


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