The India-based shipping company recorded net profit of INR874.6m ($17.7m) during the quarter, down 25.2% compared to INR1.17bn in the same period of the previous financial year.
Revenue, however, improved to INR8.27bn compared to INR6.44bn a year ago.
In the third quarter ended 31 December 2011, GE Shipping's average time-charter equivalent earnings for crude carriers inched up to $18,664 per day from $18,000 per day a year earlier.
“While the slippages and scrapping activities are expected to increase going forward, the steady fleet growth coupled with higher bunker costs is likely to suppress any improvement in earnings,” GE Shipping pointed out.
The daily earnings for dry bulk vessels dropped 20% year-on-year to $16,114 per day from $20,141 per day.
GE Shipping noted that excessive supply of bulker tonnage is expected to worsen the demand-supply gap, which will add pressure on the freight rates. “It is therefore expected that dry bulk earnings may be lower than in recent years,” it said.
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