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Tom Bicknell


Profit shrinks for Star Reefers

Refrigerated shipper Star Reefers’ second quarter profit has dipped to US$3.8m as rates bottom out

Profit shrinks for Star Reefers

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Norway-based Star Reefer’s profit fell to US$3.8m from US$5.1m for the same April-June period a year earlier, reported the Journal of Commerce.

Net operating revenue dropped to US$48.6m from US$54.1m for the second quarter a year earlier.

Star Reefers is one of the leading operators of conventional bulk reefer vessels.

The lacklustre result is attributed to the lingering effects of the financial crisis, the company said.

Lower demand for perishables in Europe and Russia because of poor exchange rates with the US dollar was the key contributing factor.

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