Asia/Pacific News
Singaporean Tanker Owner Swings to Profit Despite Rough Environment
Singapore based tanker owner Yujin International Ltd. (Yujin) reports that it increased its revenues by 12 percent to $7.6 million year-over-year in the first half of 2013, despite what it called continuing challenges in the shipping industry.
"Yujin expects business to remain difficult in the current challenging shipping environment in the Asia Pacific region," it said.
"As announced, the Company remains in discussions with potential strategic partners to explore other business opportunities in both related as well as non related industries."
The company's core shipping revenues rose 6.5 percent to $7.2 million, while the company also reported $391,000 in non-core and non-repeating revenue from bunker trading.
Yujin swung to a profit of $1.8 million compared with a loss of $539,000 in the same period last year.
The company said it sold three of its four bunker tankers between April 2013 and August 2013, while its remaining bunkering vessel is on time charter for six months starting in June 2013.
The company has one regional tanker, Arcturus, on time charter for six months starting in July 2013 and another, Team Bee, on time charter for six months starting in May 2013.
The time charter contracts for all three vessels include an option for extension.
Yujin said in April that it had sold two tankers to unnamed buyers in Singapore and would use the proceeds to repay a bank loan and for working capital.
