8/6/2008
Profits warning as recovery stalls
Concordia Maritime has issued a profit warning because an expected recovery in spot price freights in the fourth quarter has not occurred. The company has adjusted its 2007 full year profit estimate downward from SEK65 million to SEK50 million. On 12 November, Concordia said in a market report, that the daily spot earnings of product tankers ranged between USD8,300 and USD17,00 on three key trades. Some of Concordia's ship's charter parties contain profit share clauses. "This profit share element is adjusted down to zero for the fourth quarter and thus the forecast for the full year is adjusted downwards to SEK50 million," said Concordia.
Source
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Fairplay Daily Shipping News