Profits down at Sanko

Japanese shipping group Sanko has reported annual net profits of Yen36.8bn, down 5.4% compared to the year before, as the collapse in bulk rates badly hit its dry division. The company's tanker arm enjoyed strong results, and net earnings were level at Yen229.2bn, although operating profits were down a fifth to Yen63.4bn. The company said it expected profits to continue to fall this year with the tanker market weak, but hoped that it would be well-placed to recover the year after as it tries to shift from spot to time charters for the majority of its vessels.

(Source: Maritime Global Net)