Bulker player Thoresen Shipping has reported a 29% fall in second quarter net profit to THB 46.1m ($1.5m) as Covid-19 took its toll on the dry cargo market.
The shipowner saw freight revenues decline 24% year-on-year to THB 1.1bn due to a combination of lower freight rates and lower service days for chartered-in vessels.
Thoresen said its vessels earned a time charter equivalent (TCE) of $7,525 per day, outperforming the Baltic Supramax Index (BSI) rate of $5,210 per day by 44%.
