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Macro trends scupper TBS results

August 9 - Shipping line TBS International has faced uncertain business conditions in 2011 created by three major macroeconomic factors which negatively affected TBS' financial results for Q2 and H1 2011, reveals Joseph E. Royce, chairman, chief executive

Firstly, continued deliveries of new build vessels in all drybulk categories, which is increasing capacity as it outpaces scrapping of tonnage; secondly, downward pressure on dry cargo freight rates; and, lastly, the high cost of transportation fuel, which the line has not been able to pass on to customers because of the downward pressure on freight rates. 

"So far in the third quarter of 2011, we see the same macroeconomic factors continuing," says Royce.

During the second quarter, revenues decreased by 12.7 percent, compared to the same period in 2010, primarily due to a 40.5 percent decrease in charter hire rates. 

In May 2011, TBS took delivery of Maya Princess, the final delivery in the series of six 'Roymar Class' 34,000 dwt multipurpose tweendecker vessels, and successfully concluded phase one of its newbuilding programme, which was initiated in March 2007. During Q2, the line continued its drydocking programme and drydocked five vessels, including two vessels which entered into drydock during Q1 2011, for a total of 83 days. 

Second quarter 2011 results saw total revenues of USD97.1 million, a decrease of USD14.1m, or 12.7 percent, compared to USD111.2m for the same period in 2010. Net loss for the second quarter 2011 was USD14.4m, after loss attributable to non-controlling interests, which is an increase of USD4.7m compared to USD9.7m loss for the same period in 2010. 

An average of 50 vessels, excluding off-hire, operated during Q2 2011 compared to 48 vessels, excluding off-hire, during the same period in 2010. 

Total cargo volume, including aggregates, increased 674,000 tonnes or 28.4 percent to 3,048,000 tonnes for the quarter ended June 30, 2011, from 2,374,000 tonnes for the same period in 2010. This increase is mainly attributable to the increase in aggregates, bulk cargo and fertilizers transported during the three months ended June 30, 2011. Average freight rates for all cargoes decreased USD4.87 per tonne, or 16.4 percent, to USD24.89 per tonne for the three months ended June 30, 2011, as compared to USD29.76 per tonne in 2010. 

For the six months ended June 30, 2011, total revenues were USD187.0m, a decrease of 11.5 percent compared to the USD211.3m for the same period 2010. Net loss for the six months 2011 was USD31.1m, after loss attributable to the non-controlling interests, an increase of 77.7 percent compared to USD17.5m loss for the same period 2010.

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