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The earlier anticipated recovery that started in the second quarter has kept its
momentum in quarter 3.
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From the shipping perspective, although demand in the USA and Europe has not
bounced back to level enjoyed in 2008, volume did however improved and rates held
at a better level than previous quarter. The Intra-Asia trade, with stronger consumer
confidence, saw an improvement in the volume as compared to the first half of this
year. Recently, there were some signs that both the freight rates and volume had
bottomed due to the common approach by the industry to look for additional revenue
in the light of rising cost such as bunkers and the continous weakening of the US
dollar. Shipping lines were rolling out rate recovery and implemented the peak season
surcharge in certain areas as planned.
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The Group¡¯s Shipper Owned Container (SOC) liftings in Q309 declined by 30% yearon-
year at 282,303 TEUs. This was partially due to lower East West Trade volume
and reduction in the tonnage deployed, as the Group returned more time-chartered
vessels. With stronger recovery in the Intra-Asia trades, the Group¡¯s Carrier Owned
Container (COC) liftings reduced only by 14%, at 312,248 TEUs. Overall, in Q309,
total liftings of the Group recorded a 22% decline year-on-year at 594,551 TEUs. In
comparison with the first nine months of the previous year, SOC liftings dropped 30%
at 816,486 TEUS, COC slipped 12% at 923,790 TEUs and total liftings declined by
21% at 1,740,276 TEUs.
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With 22% reduction in liftings, total turnover for the third quarter before exchange
difference, gain on sale of assets, and adjustment for unrealized loss on derivatives
was down by 33% at THB5,267 million. The decline in turnover was mainly due to the
decrease in liftings as well as lower freight rates in Q309 compared to last year. For
the first 9 months, total turnover before exchange difference, gain on sale of assets,
and adjustment for unrealized loss on derivatives was down by 28% at THB10,795
million.
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The Group returned one expensive time-chartered vessels in September and
successfully negotiated tariff reduction with a number of vendors. Although bunker
price had picked up substantially since March, overall, the price was still lower than
that of 2008. With the successful implementation of these cost reduction initiative as
well as lower bunker cost, the Cost of Freight and Operation in Q309 reduced by 26%
at THB3,774 million as compared to the same quarter last year. For the first nine
months, the Cost of Freight and Operation decreased by 18% year-on-year at
THB11,430 million.
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In Q309, the Group disposed two condominium units and some containers to record a
disposal gain of THB41.2 million. In the first nine months, the Group recorded a total
disposal gain of THB60.6 million as compared to THB856.0 million in 2008.
In Q309, the Group recorded a Gain on Exchange of THB43.4 million against a Loss
on Exchange of THB142.0 million in the same quarter last year. For the same period,
the Group recorded a Loss on Exchange of THB26.5 million versus a Gain on
Exchange of THB74.2 million in 2008.
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With reduction in liftings compared to same quarter of 2008
and lower freight rates in this quarter, the Group recorded a Net Loss attributable to
equity holders at THB589.0 million for Q309 versus a Net Loss of THB440.5 million for
the same quarter last year. For the first 9 months, the Group recorded a Net Loss
attributable to equity holders at THB1,589.6 million versus a Net Profit of THB772.4
million for the same period in 2008.
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Regional Container Lines PLC
13 Nov 2009
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~~o~~o~~
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About RCL
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Founded in 1979, RCL is a Thai based container shipping line which was public listed on the Thai Stock Exchange since 1988. Its core business is in the carriage of Shipper owned containers (or SOC) and its own Carrier owned containers (or COC) within a service network that is fully Asia centric. RCL currently owns and operates a fleet of more than 40 vessels with sizes ranging between 500 TEUs to 3000 TEUs, with a fleet of 80,000 TEUs to support its own COC carriage as well. It also operates a network of 54 offices made up of both owned and agency offices to support its service structure. RCL is today recognized as amongst the leading SOC and Intra Asia COC operators by both peers and customers alike.
For media enquiries, please contact Michelle Ng at ph: (65)62292087 mail: michelle@rclgroup.com
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