We have experienced a significant drop in growth of the world wide GDP and in the industrial production in key regions since the peak in mid year 2000. This drop has been accelerated since the tragic events of 11.09.01 in the US by reduced consumer confidence and spending. These reduced growth levels, and the corresponding challenges for our customers affects primarily the trading opportunities and thus earning levels of our fleet of gas carriers trading under the name of Norgas.
The prospects for short-term economic improvements are considered low. We as a company are however pleased to report good results despite of these challenges and the group enjoys a positive earnings level trend improvement on an EBITDA basis.
I.M. Skaugen ASA, Oslo (IMS) reported a net pre-tax result of MUSD 3.7 in 3Q01 and MUSD 7.2 accumulated per end of 3Q01 (MUSD 2.0 accumulated per 3Q00). The EBITDA result is MUSD 8.4 for 3Q01 and MUSD 22.6 accumulated per 3Q01 (MUSD 17.8 accumulated per 3Q00). The chief contributor is SPT; the company continues its high activity and reported again a satisfactory accumulated result in 3Q01. Our focus and efforts to achieve increased efficiencies at Norgas continues, and the EBIT break-even level is reduced so far this year compared to all of 2000. We are by 3Q01 in line with our goals for the full year 2001, were we aim to record another year with a reduced EBIT break even level.
This year as a whole for IMS looks more positive than last year, and we are hopeful that the promising overall earning level trends will continue through out 2H01. As previously advised we expect to see improved earnings trends for the company.