The financial statements are certainly important information resources for investors. They need to be analyzed in order to maximize their use in the management of enterprises. Analysis of financial statements can be described as the process of applying different analytical procedures using data from the financial statements which are converted into usable information relevant to management. The paper presents two companies with the same basic activity in order to make comparison of their business. Companies Tankerska plovidba and Atlanska plovidba were observed for a period of three years, from 2011- 2013. For both companies the year 2012 was certainly the most difficult. Tankerska plovidba finished 2011 with a loss of 90 million kunas and the year 2012 with the loss of 541 million kunas. In 2013 major breakthroughs were visible and the company made the profit of profit of 37 million kunas that year. Atlanska plovidba ended 2011 with a profit of 14 million kunas and the year 2012 with a loss of 76 million kunas. Atlanska plovidba ended year 2013 with a loss of 4 million kunas. These numbers can be guessed from the calculated parameters for both companies, especially for the already mentioned 2012 when the company was unprofitable, indebted and illiquid. In 2013 there were visible signs of recovery with more favorable indicators. One of the main reasons for such poor results were certainly bad opportunities in the shipping business. The year 2012 was marked with the lowest freight rates in the last 30 years and a consequent drop in the value of ships. The consequences of the Great Depression which hit the world economy ,and particulary the shipping business, in 2008 are still present. Almost all shipping companies in the world have been operating since 2008 with a loss and many shipping companies have gone bankrupt or are in the process of financial restructuring. The main reason of the crisis was over supply of over 30% on the shipping business market. The key fact for recovery of the shipping industry is definitely a good balance between supply and demand on market.