Logistics giant Star Reefers has recorded a net loss of $11.3 million for the second quarter of 2011.
In the second quarter of 2010, it posted a net profit of $3.8m while gross revenue increased to $78.8m from $63.9m.
The company blamed impairment charges on older vessels which are likely to be scrapped.
Star Reefers carried out an impairment evaluation on 30 June resulting in an impairment charge of $12.3m. Excluding this charge and a gain on the sale of assets, the company posted a net profit of $800,000 for the three months from 1 April.
Net revenue after voyage expenses declined to $45.8m from $48.6m, pulled down by lower average rates and decreased capacity.
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