Precious Shipping's Q3 profit hit by higher costs, lower ratesPrecious Shipping's Q3 profit hit by higher costs, lower rates
Dry bulk shipping firm Precious Shipping saw its third quarter profit shrink on steady revenue as operating costs rose and freight rates weakened.

The Bangkok-headquartered shipping firm posted a third quarter gain of THB20.41m ($656,270), a 90.7% plunge in profit compared to THB219.23m recorded in the same period of last year. The company's third quarter revenue was flat at THB1.13bn.
Precious Shipping noted that the average earnings per day per vessel have dropped to $7,041 during the quarter from $7,957 in the previous corresponding quarter due to the continued weakness in the dry bulk freight markets.
Its absolute vessel running expenses were higher by 45% as compared to the same period of last year mainly due to the increase in the number of ships operating during the quarter.
The company's profit was helped by gains of THB193.71m on cancellations of five shipbuilding contracts.
In the first nine months of 2013, however, Precious Shipping registered higher profit at THB458.17m compared to THB191.41m earning during the same period of 2012. It attributed the improvement to higher vessel operating income and gains of THB866.67m on novation/cancellation of 10 shipbuilding contracts.
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