Regional Container Lines (RCL) flipped to a net loss of THB216.37m ($7.05m) in the third quarter of 2012, Seatrade Asia online reports. The Thailand-based shipping line had enjoyed a net gain of THB804.07m in the same quarter of last year.
Revenue during the third quarter ended 30 September 2012 stood at THB3.55bn, relatively stable compared to THB5.53bn in the same period of last year.
“The cost of freight and operation in 3Q12 reduced by 4% at THB3.47bn as compared to the same quarter the year before, mainly due to cost cutting initiatives, lower bunker cost as well as bunker consumption efficiency,” RCL said.
“Despite the successful implementation of freight rates increase in March, container carriers still face the challenges of uncertain trade demand, freight rate volatility, and potential vessels' impairment, if the charter hire rates continue to decline in the coming period,” it added.
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