International reefer operator Star Reefers has reported a significant drop in year-on-year net income during the third quarter of 2008, down to US$5.9m compared with US$10.1m in 2007.
Gross revenues fell to US$68.6m during the period, down from a year-earlier total of US$70.9m, attributed to 'significantly reduced' spot rates which fell 40 per cent from 2007.
'The spot market declined sharply from its June levels during July and stayed low during much of the third quarter – as banana production dropped off in Ecuador from 4.5m boxes per week to nearer 4m boxes per week,' the group said in a statement.
