For 1Q 2018, RCL posted a net loss of THB 193 Mil as against a net profit of THB 389 Mil in 4Q2017. However, it was slightly better when compared to the same quarter of 2017, when it registered a net loss of THB 261 Mil.

RCL ushered in the new year with a satisfactory 7.9% increase in total revenues when compared to the same quarter of 2017, although the total revenues THB 2,854 Mil was 13.5% lower than that of THB 3,298 in 4Q 2017 due to poor freight rate environment.

While RCL posted an increase in freight income of THB 2,829 Mil which is a 9.9% improvement over THB 2,574 Mil recorded in same quarter of 2017, it was actually a 4.9% drop on a quarter-to-quarter basis. There was also much lesser sale of old containers, thus resulted in a 79% lower gain on assets at THB 13 Mil when compared to THB 62 Mil in 1Q 2017. This was an 18.8% lower than that of 4Q 2017.

For 1Q 2018 carrying wise RCL had a total lifting 526,949 TEUs - an increase of 18.4% over 445,166 TEUs registered in 1Q 2017, with a slight improvement of 2.4% in comparison to the previous quarter. On a quarter-to-quarter as well as year-on-year basis, both SOC and COC liftings improved - with SOC contributing 220,502 TEUs and COC at 306,447 TEUs in 1Q 2018. SOC increased 14% in 1Q 2018 over 193,490 TEUs for 1Q 2017 and a slight increase of 0.45% when compared to 219,525 TEUs in 4Q 2017. At the same time COC liftings in 1Q 2018 was a healthy improvement of 21.8% against 251,676 TEUs of 1Q 2017, and was 3.8% better than 295,152 TEUs of 4Q 2017.

RCL's average freight rate for 1Q 2018 marked only a 3% improvement year-on-year, and it was 2.9% lower than last quarter, which was in tandem with the shipping market trend.

Bunker cost for 1Q 2018 went up by a far bigger 18.6% on a year on year basis and was 11% higher than that of 4Q 2017 in view of a much higher bunker prices.

Total expenses, comprising mainly of cost of freight & operations and administration, increased on year-on-year as well as quarter-to-quarter, at 5.2%, to THB 3,076 Mil, mainly due to corresponding increases in variable and fixed cost of operation, i.e., a much higher bunker costs, charter-hire among others, amid improved liftings. But at the same time, the freight rate was only marginally better than 1Q 2017 but worse than 4Q 2017.