RCL swings to a profit in Q2 2017

The Thailand-based container shipping line posted a net profit of 163 million Thai baht (U.S. $5 million) for the second quarter of 2017 on revenues of THB 2.8 billion.    Regional Container Lines (RCL) posted a net profit of 163 million Thai Baht (U.S. $5 million) for the second quarter of 2017, up from a loss of Baht 183 million for the second quarter of last year, according to the company’s latest financial statements.
   The Thailand-based container shipping line recorded total revenues of Baht 2.8 billion for the second quarter of 2017, up 7 percent year-over-year, which it said was fueled by an improved world economy.
   The per ton oil price, which is usually the main component of RCL’s costs, rose 59 percent from the second quarter of 2016, but the company managed to cut total expenses by 5 percent year-over-year to Baht 2.7 billion due to a decline in the cost of freight and operations, and a drop in administrative expenses.
   Meanwhile, total liftings for the quarter stood at 457,407 TEUs, up 5.4 percent from last year’s second quarter.