Pacific Radiance says the offshore market’s downturn may have approached the bottom as the company swung to a third quarter loss.
The Singaporean owner booked a net loss of $18.1m including impairment charges of $16.9m, compared to a $1.6m profit at the same stage of 2015.
Lower utilisation and charter rates continued to erode the company’s revenue at $18.9m, a decline of 44%.
The
