Precious turns red

Precious Shipping slipped to a narrow loss in the second quarter during a difficult stretch for the dry cargo market.

Bangkok-listed Precious recorded a loss of $680,000 for the three months to the end of June, overturning a gain of $5.34m a year ago.

Stripping away a $2.30m write-off on upfront fees relating to credit facilities, the owner’s adjusted bottom line finished in the black.

Precious says its bulkers earned an average of $8,687 per day in the second quarter helping it to record core operating profit of $11.21m. This beat the $6.57n of a year ago.

The owner says its handies recorded income 8.18% above the relevant Baltic index for the quarter, with its supramaxes outperforming the market by 21.15%.