Lower charter rates hit Precious Shipping

Precious Shipping's first quarter results have been hit by a decline in its vessel operating income and slightly lower number of vessels operated. For the three months ended 31 March 2011, the Thailand-based company earned net profit of Baht 108.63m compared to Baht 474.37m in the previous quarter of 2010. Revenue also fell to Baht 741.92m compared to Baht 1.16bn. Precious blamed a 15% decrease in net vessel operating income during the first quarter that led to lower earnings.


The company earned $12,118 per day per vessel in the first quarter compared to $12,425 in the same quarter of last year. The income has been earned from an average of 21 vessels during the first quarter as against an average of 22 vessels in the same period of 2010. Precious commanded a fleet size of 21 vessels as on 31 March 2011.
(Source:http://www.seatrade-asia.com)