RCL’s first half profits halved
Thailand’s Regional Container Lines today posted net income of $32.7 million, down 109 percent from $68.4 million in the same six months 2005.
First half revenue dropped 3 percent to $259.5 million despite the carrier’s volumes increasing 8 percent to 1.19 million TEUs.
“In early part of the second quarter, the ocean freight rates continued to edge downwards in a number of our operating sectors as more tonnage was deployed, especially in connecting PRC to Middle East and India. With stronger than expected cargo surge in June, the freight rates had since stabilized,” RCL said.