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Uni-Asia reports 76% rise in Q3 charter income

Uni-Asia reports 76% rise in Q3 charter income
Alternative investment firm Uni-Asia Holdings has achieved improved performance for its vessel charter income in the third quarter ended 30 September 2015.

Charter income for the group in the third quarter was recorded at $8.65m, a surge of 76% compared to $4.92m in the same period of last year.

The group’s shipowning arm Uni-Asia Shipping took delivery of two vessels in February and March this year, increasing its fleet size of owned dry bulk carriers to eight as at 30 September 2015.

Further, a containership was acquired in April this year which also contributed to the rise in charter income.

Uni-Asia Holdings noted that shipping charter rates are expected to remain depressed until demand growth accelerates. On the other hand, low fleet growth expected in the next two years especially for small handysize bulk carriers may alleviate overcapacity and stabilise rates.

“The shipping market remained depressed. Although scrapping activities for small handysize bulk carrier are expected to pick up, continued depressed demand on the charter side may add pressure to the group’s profitability,” said Michio Tanamoto, chairman and ceo of Uni-Asia Holdings.

Uni-Asia Holdings also has businesses in property, hotel and asset management.