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Precious Shipping slides into the red in 2014

Precious Shipping slides into the red in 2014
The dismal dry bulk shipping market in 2014 dragged handy specialist Precious Shipping into the red with a full year net loss of $2.47m.

The full year loss for 2014 compared to a $17.74m profit in 2013, in the fourth quarter of last year the company reported a $460,000 net loss.

Although reporting a loss Precious Shipping highlighted its performance versus the industry average.

“To put our annual loss for 2014 of $2.54m into perspective, please keep in mind that the average BDI (Baltic Dry Index) for this year at 1,105 was the 6th lowest in BDI history,” said Khalid Hashim, managing director of Precious Shipping.

Going into 2015 the BDI has weakened even to historically close at 608 points on Friday.

“Challenges still remain in our industry and have led to some well known and public names struggling,” he noted naming a number of companies including Scorpio Bulkers and J.Lauritzen.

Precious Shipping has adopted a three-pronged strategy of fleet renewal with modern eco-ships, a management succession plan and a plan to become debt free by 2018/19.