Specialist refrigerated shipper Star Reefers has reported a drop in second quarter net profits as spot market freight rates for reefer vessels hit their lowest point in several years.
Norway-based Star Reefer’s profit fell to US$3.8m from US$5.1m for the same April-June period a year earlier, reported the Journal of Commerce.
Net operating revenue dropped to US$48.6m from US$54.1m for the second quarter a year earlier.
Star Reefers is one of the leading operators of conventional bulk reefer vessels.
The lacklustre result is attributed to the lingering effects of the financial crisis, the company said.
Lower demand for perishables in Europe and Russia because of poor exchange rates with the US dollar was the key contributing factor.
