News / RCL sells more older box ships for scrap as earnings fall

Photo: Paul Jiang

Thai regional box carrier Regional Container Lines (RCL), seeing falling profits, has stepped up the demolition of its elderly tonnage.

This month, with container freight rates still under pressure, RCL said its net profit for Q2 23 was down 37% year on year, to THB576m ($16.33m).

And it noted that its average revenue in Q2 dropped from $394 per teu in Q1 23 to $353, driven by high competition after the market returned to the post-pandemic ’normal’, with lower time-charter rates, especially ...