Danish owner Cadeler has logged a loss in the first quarter as costs rose and three of its four wind farm ships were dry-docked.

The world’s biggest owner of wind turbine installation vessels (WTIVs) said the net deficit to 31 March was €20.8m ($22.6m) compared with a €1.9m profit in the same period of 2023.

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Revenue edged up to €19m from €18.9m,