Siem Shipping has turned a loss in the third quarter due to increased competition from container lines for reefer cargo.
The specialized reefer owner reported a net loss of $1.9m from July to September, compared to a $2.5m profit a year ago.
Its quarterly gross revenue stood at $41.5m, down from $49.3m in the corresponding period of 2015.
Siem, which will officially delist from the Oslo Stock Exchange in December, attributed the weaker performance to the low spot market activity.
Only 13 banana fixtures were reported during the quarter as this trade is now being served under contracts of affreigthement or third party liner services, the company added.
Siem said the kick-off of the Moroccan and Spanish citrus seasons may boost rates but “container lines are showing no signs of easing up on their aggressive pricing of reefer cargo”.
For the first nine months of the year, the company remained in the black as it reported net earnings of $4.6m, against $7.8m a year earlier.
