2012-01-24, 10:41
Shipping companies are hiding their reports
© Jura photo
More than one third of shipping companies are hiding their data on financial performance. Since 2008, 44 per cent of shipping companies have not shown their financial statements. Many shipping companies face hard times and crediting is becoming more expensive. Such data is not provided because of the lack of transparency. This concerns banks which are crediting these companies as well as their clients who entrust their precious cargo transportation. There is even an international standard, IFRS (International Financial Reporting Standards) how to fill-in financial reports. When companies are not using this system, there seems to be a lack of transparency in their actions. The most important asset of shipping companies is their ships and employees. That is why, the system requires not only financial details but also information on their ships and crews. Apart from good salary, social benefits are applied. Among such benefits are various insurances, improvement of living and social conditions and also incentives for families.