JB Ugland puts car carrier into lay-up, as poor market starts to bite

Diversified Norwegian company JB Ugland Holding suffered a sharp fall in profit last year as it had to lay up one of its car carriers in the face of the market slump.

The Grimstad-based company said pre-tax profit slumped to NOK 9m ($1.1m) in 2020 from NOK 217m a year earlier.

The 1,220-ceu Premier (built 1997) has been redelivered by its charterer, United European Car Carriers.