Thoresen Shipping sees losses increase in Q1

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Thoresen Shipping Group posted a THB263.9m ($7.46m) loss for the quarter ended 31 March 2016, compared to THB32.9m in the same period of last year.

Quarterly freight revenue dropped 58% year-on-year to THB744.7m.

Thoresen said its supramax average time-charter rates dropped to $3,801 per day in the first quarter this year compared to $6,434 per day in the previous corresponding quarter and $5,779 per day in the fourth quarter of 2015.

Handysize average time-charter rates fell to $3,405 per day in the first quarter this year compared to $5,339 per day in the year-ago period and $4,692 per day in the fourth quarter of 2015.

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