30th Sep 2015 14:18
LONDON (Alliance News) - Hellenic Carriers Ltd on Wednesday reported a wider loss in the first half of 2015, as revenue fell due to lower dry bulk freight rates.
The provider of marine transportation services said its loss in the six months to June 30 widened to USD12.5 million from USD5.3 million the year before, as revenue fell to USD6.7 million from USD10.4 million.
It said that the decrease in revenue was mainly due to lower dry bulk freight rates amid a "depressed" dry bulk sector, and that profit was hit by a non-cash loss on the sale of a vessel.
"Although demand growth has remained weak during the first half of 2015, seaborne dry bulk cargo volumes are usually seasonal in nature with the end of the year usually becoming more robust. Going forward, should fleet supply continue to grow at the current restricted levels, and demand for raw materials continue both from the developing economies as well as the mature economies, demand may outpace supply resulting in a slow and steady improvement, paving the way for a market recovery from 2017 onwards," Hellenic said in a statement.
Shares in Hellenic were untraded on Wednesday, last quoted at 18.00 pence.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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