Bad year for Thai box line

A vessel impairment charge of THB750m and a THB347m onerous contract brought fourth quarter losses to THB1.2bn ($41m), compared to a THB392m loss in Q4 2011. The full year loss for 2012 stands at THB1.9bn, gaining slightly from asset sales but dwarfing 2011's THB780m loss.

RCL's THB1.4bn operating loss in the last quarter reflects continued overcapacity. While shipper owned container (SOC) liftings rose 4% to 279,684 teu, carrier owner container (COC) liftings fell 6% to 272,156 teu, leaving a drop of 2% year on year for the fourth quarter. Full year liftings decreased 4% to 2,233,642 teu, mostly due to a reduction in COC liftings of 9% as SOC liftings held steady.

The line sees continued oversupply in the future as global fleet delivery looks set to rise from 6.4% of the fleet in 2012 to 8.2% in 2013, cancelling the effects of improved capacity disciplines of major carriers and alliances around the world.