Marine Money’s Third Annual Ranking of the World’s Leading Shipping Companies

This year marks the third consecutive year that we have completed a major comparative ranking of the results for both public and private, shipping and shipping-related companies. And with each year we have expanded the coverage. This year’s issue looks at the results of over one hundred companies from eighteen different markets around the world, an increase of over 40%.

As in the past, we have worked closely with the companies, shipping bankers, accountants and institutional investors to standardize the variety of accounting formats. This is not an easy task, and it is unlikely that everyone will agree with our decisions. On page 20 you will find a description of the decisions we made with regard to restating and standardizing the accounting policies. In addition, we have included a question and answer section that looks at some of the major accounting questions that are repeatedly raised, such as the impact of the new tax laws in Norway and accounting for foreign exchange gains and losses. In putting this together, we relied on the expertise and information provided by the accounting firm Moore Stephens.

Having settled on a standard accounting format, we went through the results, restated them where necessary, and input them in the Marine Money International Financial Database. Inside are more than twenty tables that rank the performance of the companies from an operator’s, banker’s and investor’s perspective. Included are rankings of revenue, earnings before interest and taxes (EBIT), net income, margins, leverage ratios such as cash flow/total borrowed funds and times interest earned, return on equity, cash flow multiples, and fleet age, among others. Each table also compares the 1992 results with 1991 results to reveal trends and to indicate who has moved up or down.

This is only an excerpt of Marine Money’s Third Annual Ranking of the World’s Leading Shipping Companies

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