Sale cuts LSC's loss

Lithuanian Shipping Company (LSC) has reduced red ink in the first quarter thanks to a ship sale.

The dry cargoship player said its net loss to 31 March was LTL 1.47m ($586,000), from LTL 5.2m in the same three months of 2013.

Revenue dropped to LTL 20.65m from LVL 25.64m as the fleet shrank.

Costs were also lower, at LTL 20.81m, compared to LTL 26.94m.

Asset disposals added LTL 5m to non-operating income.

In January it sold off the 7,365-dwt Alka (built 1994).

The owner has said it plans to exclusively operate handysizes by 2016 with a view to branching out into the transatlantic trade.

It hopes to add one or two vessels to its ranks over the next two years.

Alka was the third multipurpose vessel that LSC has shed in the last year

According to its website, the company now has three late 1990s-built multipurpose ships on its books of around 5,800-dwt in size.

It also owns two 17,800-dwt bulkers and three open-hatch cargoships of between 16,800-dwt and 24,000-dwt.