Siem Shipping Keeps Its Reefers Busy for Another Year

Oslo-listed Siem Shipping Inc. has won a one-year contract renewal for a regular weekly service from Ecuador to St. Petersburg, Russia.

As disclosed, the contract extension for the service covers seven reefer vessels.

The company did not, however, disclose any further details on the value of the contracts or expected start date.

Siem Shipping recorded a profit of USD3.9 million in Q1 2016 against a net profit USD 0.5 million in the corresponding period from last year. Net operating revenue was USD38.9 million, also up from the previously reported USD 35 million in Q1, 2015.

After a particularly challenging Q1 2016 and a likelihood of a seasonal reduction in demand, the company expects that operators may shortly consider layups of less efficient vessels.

In terms of outlook, the company’s reefers are expected to remain shoulder to shoulder with competing container services amid positive impact of low fuel-price environment that has helped specialised reefers keep the operators price-competitive with container lines and high schedule predictability.

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