Singapore’s CH Offshore has seen red ink in its bottom line due to lower rates and vessel drydockings.
The anchor-handler owner reported net loss of $0.3m for the second quarter, compared to a $1m profit a year earlier.
Its revenue for the period stood at $3.6m, a decline of 35.7% from the corresponding quarter of 2015.
CH Offshore said in its report that two of its ships secured lower rates in the quarter while utilisation was down by 18% to 54%.
Some of its vessels underwent drydocking in previous months, which added to the company’s difficulties.
According to Clarksons, CH Offshore controls a fleet of nine anchor handlers built between 2004 and 2008.
