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Another red first half for Ultrabulk

Another red first half for Ultrabulk
Ultrabulk has reported a $800,000 loss for the first half of 2015, on the back of falling revenues and volumes.

The result represents a slight improvement on H1 2014's $1.1m loss.

Revenue of $319.9m marked a significant drop from the $471.6m earned in the same period last year, but charter hire and voyage costs fell at a similar rate from $459.8m to $307.3m.

Volumes fell from 22.8m tonnes in H1 2014 to 18m tonnes in the first six months of this year, with notable changes to the cargo mix. Coal, steel, iron ore and petcoke all fell as a percentage of Ultrabulks total liftings. While no particular explanation was given for the company's changing cargo mix, other dry bulk operators have reported a drop in those same cargoes as Chinese imports have fallen.

In its outlook for the year, Ultrabulk expects pressure on rates to continue from overtonnaging, with the possibility of counterparty risk rising in a continued weak market.