Bangkok: Thailand’s Precious Shipping has given early warning it expects 2013 to be tougher than last year as overcapacity remains in the dry bulk sector.
On an encouraging note, however, the firm’s well respected managing director Khalid Hashim said he felt rates would bottom out and could start to rise in the second half of the year.
Nevertheless, 2013 is likely to be Precious’ worst ever financially.
Last year, the company reported total revenue of BHT3.8bn, up from BHT3.44bn in 2011, with net profit down sharply to BHT141m from BHT718m.
Precious will look to trade as much as possible in the spot markets until rates return to five figures in dollar terms per day.
Precious does not rule out adding to its fleet in the downturn, and is on the hunt for bargains. [19/02/13]
