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Carl Collen


Star Reefers' losses widen

Norway-listed shipping group reports on loss of US$3.7m through third quarter of 2010

Star Reefers' losses widen

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Marine shipping group Star Reefers has announced that it recorded a net loss of US$3.7m through the third quarter of 2010, down on the loss of US$1.2m from the year-earlier period.

According to the group, revenues dropped 21.3 per cent on the third quarter of 2009, down to US$52.2m as a result of reduced capacity and lower rates.

Operating loss fell to US$3.2m this year from US$730,000 in 2009, despite lower voyage expenses and operating costs as the result of laying up seven vessels, Trading Markets reported.

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