Indian boxship company Shreyas Shipping will buy another vessel despite posting a big fall in third quarter earnings.
The company said net profit to 31 December was INR 27.7m ($407,000), down 88%.
Speaking to CNBC-TV18, CEO VK Singh said low demand during the global slump impacted its results.
Revenue growth was limited as freight rates fell 30%, he added.
Singh also blamed excess ship capacity, even though fuel prices were 40% down.
He
