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Low container rates push RCL into the red in Q3

Low container rates push RCL into the red in Q3
Regional Container Lines (RCL) sank into the red in Q3 due to low freight rates, although it was in the black for the first nine months of the year.

The Bangkok-headquartered Asian regional and feeder box line reported a THB35m ($974,000) net loss in Q3 compared to a THB60m profit in the same period a year earlier.

Despites the sharp fall in container freight rates in Q3 RCL’s net profit before tax for the first nine months of the year was up at THB211m, against THB202m in the corresponding period a year earlier.

“Despite the industry overcapacity and severe freight rate erosion, the Group garnered a 4.5% reduction in its nine-month year-to-date total costs and expenses per teu,” RCL said.

"Moving forward the group will continue to improve financial results though enforcement of sales force and cost reduction.”

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