NSC suffering

Russian cargoship company posts 1700% drop in annual net profit.

Russia’s Northern Shipping Company (NSC) has posted a big drop in net profit for 2013.

The Arkhangelsk-based cargoship owner said earnings were RUB 2.96m ($84,500) in 2013, down 17 times from the previous year.

Revenue decreased almost 200% to RUB 35.7m.

The shipowner is controlled by Murmansk Shipping.

NSC has 41 dry cargoships of between 2,500 dwt and 14,000 dwt.