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POSH Q2 profits halved on lower charter rates

PACC Offshore Services Holding (POSH) saw its net profits halved in the second quarter and is laying up two vessels.

Singapore-listed POSH reported a second quarter net profit of $6.11m, down 49% on the $11.87m it reported in the same period last year. Revenues in the quarter were up 22% at $71.02m compared to $58.27m a year earlier.

The company’s OSV fleet which accounted for $31.5m of its revenues slipped into the red with a gross loss of $700,000 in Q2 compared to a $9.9m profit a year earlier as charter and utilisation rates fell.

Gerald Seow, ceo of POSH said in results call that the company is accelerating its move into the Middle East and West African markets, and is already setting up and office in the Middle East.

Of five vessels that had previously been deployed in Mexico two have been chartered in West Africa and one in the Middle East. “Two vessels are being laid-up, cold stacked, until we can find suitable charters,” Seow said.

The company said it was maintaining a “strategic presence in Mexico with limited operations”.

POSH has fleet of 77 wholly-owned vessels and 39 through join ventures. It has 15 vessels on order and the company said it had “deferred certain planned newbuildings”

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