August 9 - TBS International has reported a narrower loss for the second quarter, helped mainly by a 54 percent growth in revenues.
Net loss attributable to TBS International for the quarter was USD9.68 million compared to loss of USD16.91 million last year.
The Dublin, Ireland-based company's total quarterly revenues increased 54 percent to USD111.24 million from USD72.24 million last year.
Voyage revenues grew to USD70.64 million from USD59.74 million in the previous year's second quarter, primarily the result of increased freight rates.
Chief Executive Officer Joseph Royce said, "TBS' second quarter of 2010 started with a continuation of the improving freight rates experienced in Q1 2010 for the carriage of bulk and breakbulk cargoes."
