The Thailand-based container shipping line experienced a net loss of 243 million Thai Baht (U.S. $6.8 million) in the first quarter of 2016, compared to a net profit of THB 173 million in the first quarter of 2015.
Thailand-based container shipping line Regional Container Lines (RCL) posted a net loss of 243 million Thai Baht (U.S. $6.8 million) for the first quarter of 2016, compared to a net profit of THB 173 million for the first quarter of 2015.
Even though the cost per TEU, excluding depreciation, declined to U.S. $230 for the quarter, compared to U.S. $252 for the first quarter of 2015, it was not enough to cover the worst decline in freight rates, RCL said.
Revenue per TEU dropped to U.S. $263 for the quarter compared to U.S. $309 for the first quarter of 2015. Hence, the total turnover dropped 7 percent year-over-year to THB 2.7 billion for the first quarter of 2016.
While carrier owned container liftings for the quarter rose 4 percent year-over-year to 237,599 TEUs, shipper owned container liftings sank 11 percent year-over-year to 181,765 TEUs.
RCL, which has a fully Asia centric service network, owns and operates a fleet of 46 vessels, ranging from 500 TEUs to 3,316 TEUs. The carrier is also equipped with a fleet of 71,723 TEUs to support its own carrier-owned containers.
RCL posts troubling Q1 earnings
