11 Aug 2016
RCL's performance improved in 2Q2016 over 1Q2016, but this was not enough to report a profit. The company incurred a net loss of THB 183 million for 2Q2016, which is much reduced as compared to THB 243 million loss in 1Q2016, versus a net gain of THB 55 million in 2Q2015.
Due to the increasing spill-over of tonnage into Intra-Asia market and insufficient demand i.e. negative trade growth in 2Q2016, freight rate decreased 16.2% year-on-year, a further 2.8% decrease from 1Q2016. Despite the adverse freight rate, RCL's Carrier Owned Container (COC) lifting increased by 9% year-on-year to 258,846 TEUs, however its Shipper Owned Container (SOC) declined by 15% year-on-year to 175,331 TEUs, resulting in the total lifting down 2% year-on-year to 434,177 TEUs.
The total turnover before exchange difference and gain on sale of assets for 2Q2016 was THB 2,629 million, a 13% decrease year-on-year. Total cost of freight and operation in 2Q2016 decreased by 5% at THB 2,564 million as compared to the same quarter the year before. Excluding gain on sales of fixed assets, operating loss was THB 187 million.
The exchange gain for the period was THB 26 million, versus a loss of THB 12 million in 2Q2015. In 2Q2016 the group disposed of some old containers, which translated into a disposal gain of THB 4 million as compared with a disposal gain of THB 7 million in 2Q2015. On a positive note, it is reported that developing ASEAN economics continue to hold growth potential, and by the end of 2016 we could see containerised trade growth outpace expansion in the containership fleet.
Founded in 1979, RCL is a Thai based container shipping line. Listed on the Thai Stock Exchange since 1988, its core business is in the carriage of Shipper owned containers (SOC) and its own Carrier container containers (COC) in a service network that is fully Asia centric. RCL currently owns and operates a fleet of 46 vessels with sizes ranging between 500 TEUs to 3316 TEUs. It also has a fleet of 71,723 TEUs to support its own COC carriage as well. RCL operates a network of 64 offices made up of both owned and agency partner offices to support its operations. Today, RCL is recognised as amongst the leading SOC and Intra Asian operator by both peers and customers alike.
For media enquiries, please contact Michelle Ng at ph: (65)62292087 mail: email@example.com