Sales for the quarter at the court-protected outfit reached $856m, 32% down on 2012.
For the first half, STX PO generated sales of $1.9bn, 19% down on last year, reflecting a similar drop in the Baltic Dry Index (BDI).
Cash generated from operating activities reached $92m for the first six months of 2013, a reversal of 2012's negative $120.4m.
The company cited a drop in confidence in the growth of the Chinese economy as the main reason for the BDI's drop, although a replenishing of Chinese inventories did cause a rally at the end of the quarter.
Newbuilding deliveries in the first half fell 44% to 35.73m dwt as the market continued to react to over tonnage, although the scrapping rate in the first half of this year did not match the record half in 2012. STX PO expects dry bulk fleet expansion to slow from 10.6% in 2012 to 6.5% in 2013 and 4.5% in 2014.
"Oversupply is likely to be relieved thanks to shrinking new deliveries and firm scrap demand stimulated by stricter environmental regulations and high fuel costs. In terms of demand, [a] solid increase in demand for iron ore and coal is expected as China's economic growth still remains above the mid 7% level, although it is slower-than-expected, and coal prices were stabilised at a low level. Considering these factors, there is a possibility that the dry bulk market will recover earlier than the analysts expected," the company said in its earnings release.
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