Aggressive marketing by box lines a banana skin for Star Reefers in Q3

Conventional reefer carrier Star Reefers sailed dramatically into the red in the third quarter, blaming reduced demand and “aggressive” competition from container lines.

Oslo-listed parent company Siem Shipping reported a net loss of $1.9m, after a net profit of $2.5m in the same period in 2015.

Its 30-vessel fleet generated gross revenue of $41.5m, down from $49.3m.

Star Reefers, a major player in banana shipping, said spot market activity had been low, with only 13 fixtures reported from the east coast of Central America, while the average spot ...