Thai shipping and commodities group Thoresen Thai Agencies (TTA) saw a reversal of fortunes when it posted a 1Q15 net loss of THB288.3 million baht (USD8.6 million).
This is in marked contrast to the profit of THB182.7 million reported in the same period last year.
With interests in transport, energy, fertiliser, and warehouses and coal logistics, TTA attributed the loss to several different factors.
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Pointing out that the first quarter of the calendar year is normally a low period, it added its twist.
“Weak dry bulk market and dry-docking of three largest vessels along with low season for subsea services held back overall performance,” it said in a statement to IHS Maritime.
The company added that dry bulk rates and prices had “crashed” in the first quarter, especially mentioning the slowdown in China and the impact on the ore and coal markets.