Concordia Maritime’s third quarter result has been dented by lower tanker rates due to seasonality and geopolitical reasons.
The company reported a quarterly net loss of SEK 10.6m ($1.17m), compared to earnings of SEK 52.4m a year earlier.
This resulted in a smaller profit of SEK 35.2m for the first nine months of the year, against SEK 124.5m.
Kim Ullman, chief executive of Concordia, said: “In addition to a seasonal decline, the quarter was also marked by structural factors, such as high inventory levels of oil products and extensive ship deliveries.
“In addition, unrest in Nigeria had an adverse effect on developments, particularly in the suezmax segment.”
The average suezmax rate in the quarter for Concordia was $20,100 per day, versus $38,900 a year earlier.
Concordia’s revenue was SEK 215.3m for the three months to the end of September, compared to SEK 287.6m a year ago.
Ullman added: “To meet the challenges – while also turning them into opportunities – two leaseback transactions were conducted in October and November, which had a significant positive cash effect for us.”
Ullman praised the company’s strategy to secure longer contracts for its P-MAX fleet and he added it was difficult to make predictions for the tanker market in 2017 and 2018.
