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Precious Shipping hit by deeper loss in Q3

Precious Shipping hit by deeper loss in Q3
Thailand’s Precious Shipping has posted a deeper loss for the third quarter as expenses rose amid a difficult dry bulk shipping market.

Net loss for the quarter ended 30 September 2015 was recorded at THB175.52m ($4.95m) compared to the deficit of THB146.52m in the same period of last year.

Revenue during the quarter was registered at THB1.24bn compared to THB1.14bn in the previous corresponding period.

Bangkok-based Precious Shipping said the loss was partly attributed to vessel running expenses increasing by 18% year-on-year as the company operating more ships.

The company had recorded gains on cancellation of shipbuilding contracts of THB39.55m in the third quarter of 2014, but no such gains have been recorded in this reporting period, contributing to the wider loss.

The vessel operating income, however, increased to $7,282 per day during the third quarter from $6,575 in the year-ago period due to short term improvements in the dry bulk freight markets.