Singapore Shipping Corporation (SSC) is looking to acquire more vessels for long-term charters to expand its business following a 49% plunge in second-quarter net profit, Seatrade Asia online reports. The Singapore-listed firm posted second-quarter net profit of $888,000 compared to $1.8m in the same period of 2010.
Revenue was recorded at $5m, an increase of 23.1% compared to $4.1m a year ago.
“The additional revenue contributed by the two vessels bought towards end April 2010 and early March 2011, was partially offset by loss of revenue due to off-hire of a vessel for drydocking in April 2011,” SSC said in a statement.
SSC added that its vessels are already locked in on long-term charters to “blue chip operators” and it is looking to buy additional vessels.
Revenue was recorded at $5m, an increase of 23.1% compared to $4.1m a year ago.
“The additional revenue contributed by the two vessels bought towards end April 2010 and early March 2011, was partially offset by loss of revenue due to off-hire of a vessel for drydocking in April 2011,” SSC said in a statement.
SSC added that its vessels are already locked in on long-term charters to “blue chip operators” and it is looking to buy additional vessels.