Jinhui Shipping Plummets to Loss
Norway listed dry bulk shipper Jinhui Shipping said the tough market that owners faced last year will become tougher in 2015.
Dry bulk shipping market Environment continued to be weak despite global economic confidence has been improving in the fourth quarter of 2014.
2014 was a challenging year especially in the latter half of the year, catching most if not all owners and operators by surprise,” the company said, adding: “We expect 2015 will be even tougher.”
Jinhui said it posted a $68.4 million net loss in the fourth quarter compared with a $2.9 million loss a year earlier. It also reported an $86.8 million net loss for 2014 compared with a net profit of $25.4 million in 2013.
Over the last couple of months, Dry bulk commodity market underwent a severe price correction and the fierce commodityies price battles provoked a shift in regional seaborne trade routes from Trans-Atlantic to Pacific regions And consequentially reduced the demand for dry bulk ton-miles.
Market Freight rates were under pressures by these short term turbulences while the oversupply of tonnages continued to hinder the recovery in the dry bulk shipping market.
