Thai-listed RCL reported a net loss of THB243m in Q1 2016 compared to a profit of THB173m a year earlier. Turnover saw a 7% decrease year-on-year in the first quarter of the year to THB2.66bn.
“This is an unsatisfactory result but it follows the industry trend in 1Q2016,” RCL said.
The company noted that revenue per teu had dropped to $263 from $309 year-on-year which was due to, “the huge tonnage imbalance in demand and supply, global freight rates tumbled to historically low levels”, and coupled with the slowdown in the Chinese economy in the first quarter.
Concluding on a positive note RCL said it was reported that industry freight rates had reached the bottom.