TBS reports loss in second quarter
TBS International Ltd. reported it had a second quarter net loss of $16.9 million compared to a profit of $52.6 million in the same 2008 period.
Revenue in the period ended June 30 was $72.2 million compared to $156.9 million during the second quarter of 2008.
“The second quarter of 2009 continued to be very challenging for TBS, and the handymax/handysize and general cargo segment of the dry cargo shipping Industry,' said Joseph E. Royce, TBS chairman, chief executive and president. 'For the first six months of 2009 our revenues and EBITDA (earnings before interest, taxes, depreciation and amortization) declined significantly and we experienced a net loss, as the stimulus packages adopted by several governments around the world had not yet positively affected cargo movement and freight rates in our segment of the dry cargo transportation industry.”
The company said two of six new tweendeckers it is building have been launched, but delivery dates have been delayed. It expects one ship to be delivered in the third quarter, four vessels to be delivered in 2010 and the last vessel to be delivered in the first quarter of 2011.
TBS reports loss in second quarter
