The loss of $12.03m for the second quarter of 2015 compared a $1.62m loss in the same period of 2014.
The company said average earnings per day per ship for its supramaxes fell to $6,515 in the second quarter, compared to $10,882 in the corresponding quarter in 2014. The fall for its handysize vessels was slightly less with average earnings per day per vessel $5,575 in Q2 2015, compared to $8,054 a year earlier.
Precious Shipping md Hashim was hopeful that the recent market rally driven by a moderation in the supply of vessels could be sustained.
“The Baltic Dry Index (BDI) has started to reach heights shipowners had forgotten even existed. As of drafting this letter, the BDI had touched almost 1,100 points and you could see the worry lines on the forehead of ship owners start to be replaced by a smile,” he said. The BDI has since moved up to 1,151 points.
Hashim noted that the improvement in the market was not driven by demand but a combination of factors constraining supply of vessels. These included the scrapping of 20.5m dwt of bulkers in the first half of the year, almost zero new ordering, delays in delivery of existing orders and conversions of orders to tankers and containerships.
“All of this has helped reduce the pressure from the supply side of the equation and as a result, the negative sentiment has started to disappear from the market,” he said. “So long as these factors hold, we should see the current market rally being sustained.”
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