"As expected, during the third quarter we faced the same seasonal variations that we did during the second quarter. Lower heating requirements in Europe, combined with numerous refinery closures in the Far East for maintenance or upgrades were announced." commented ceo Harry Vafias.
Despite revenues for the first nine months rising 8% to $97m, the poor third quarter brought profit down from $15.6m to $13.8m over the first three quarters.
"The industry fundamentals remain positive and we continue to focus on taking delivery of our new generation eco newbuildings from the world’s best yards, while renewing our efforts in keeping our running costs suppressed," Vafias added.
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