Yujin cuts loss

Slimmed-down Singapore tanker owner Yujin International has posted an improved annual result as it seeks a new investor.

The company, listed on London’s AIM exchange, said the net loss for 2013 was $1.11m, compared to $1.55m in 2012.

Revenue dropped to $10.35m from $13.46m as the fleet was cut to two vessels.

But costs were reduced to $9.26m against $12.85m.

It put this down to improved efficiency in regional tanker operations.

Yujin has a chemical tanker operating spot and a bitumen vessel on a term contract until October.

It also manages 10 vessels for third parties.

The company said it was continuing discussions with a potential strategic partner who had asked for the opportunity to invest.

“These discussions would maintain our listing on AIM,” it said.

Looking ahead, it said the shipping market was expected to remain weak.

“If freight rates and fuel costs do not improve, the environment in which the group operates will remain challenging with potential negative effects on its financial performance.”