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RCL plunged into red

RCL plunged into red
Regional Container Lines plunged into the red in the first half of the year, but expects some improvement in business the third quarter.

Regional Container Lines plunged into the red in the first half of the year, but expects some improvement in business the third quarter.

Regional Container Lines plunged into the red in the first half of the year, but expects some improvement in business the third quarter.

The Thai-listed container line reported a first half net loss of Baht1bn compared to a profit of Baht1.2bn in the same quarter last year.

In the first six months of the year RCL"s volumes sank to 1.1m teu, down 21% on the same period a year earlier.

Given the sharp fall off in volumes the company sought to reduce its fleet size and cut costs.

RCL said it had returned three time-chartered vessels in the second quarter and successfully negotiated tariff reductions with a number of vendors.

The company is though beginning to see an upturn in the container trades. The intra-Asia and feeder operator said the second quarter had seen improvement in volumes on Asian regional trades on the back of government stimulus plans and improved consumer confidence.

The company said there signs that the worst was over for the global economy and the economic environment would improve from the third quarter.

RCL owns and operates a fleet of 42 vessels with capacity ranging between 500 teu and 2,732 teu.

www.TurkishMaritime.com.tr

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