STX PO sank deeper into the red with a net loss of $103.87m in the first quarter compared to a net loss of $48.72m in the same period of last year.
Revenue dropped 10.5% year-on-year to $1.09bn.
The general shipping market has been troubled by severe overcapacity leaving little hopes for the demand side to catch up.
However, STX PO believed that the supply side will be relieved as slow steaming still has a big potential and scrap market will be stimulated by attractive demolition price, while restricted access to finance will lead to a slippage and slowdown in ordering/delivering of ships.
“Despite of all downside risks and positive factors, we would like to point out that the shipping is, and always will be a cyclical market, and a shipping company who has been well-experienced and prudent with their cash will be able to find opportunities to recover despite tough times,” STX PO said.
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