The first contract targets the construction of four barges with a combined capacity of 6,800 tons, an investment with an estimated value of EUR5 million calculated in current prices.
According to the report, the estimated period for the delivery of the barges is October 2023 – January 2024. Financing is provided by C.N.F.R. NAVROM SA from own resources, respectively from the current result of the activity. The value of investments budgeted by C.N.F.R. NAVROM S.A. for the year 2023 is EUR18.8 million.
The contracted EUROPA 2 barges are equipped with sets of aluminum covers and have dimensions of 77-meter length and 11-meter width, which gives them great flexibility in operation, being able to transport any type of solid bulk cargo – agricultural products, mineral raw materials, products chemical, as well as oversized equipment. The optimal loading degree is 1,700 tons at a draft of 2.8 meters.
“The EUROPA 2 barge construction program is part of the modernization process of the non-propelled fleet that will continue in the years to come. This investment will lead to an increase in the operational efficiency of the fleet of non-propelled vessels, with reflection in the consolidated operational results of TTS Group,” the company also said in its report.
TTS ended 2022 with a net profit, at a group level, of RON178.1 million, up 167.7% from 2021, and a turnover of RON934.4 million, up 56% from 2021, as per data from the company’s annual preliminary financial report.
TTS has a market capitalization of RON765 million after its shares have gained 15% since the beginning of 2023, amid deals worth RON23.5 million. TTS shares have gained 32.7% over the last year, amid deals worth RON74 million, in line with stock market data.