Dry bulk shipping group Mercator Lines has posted a net loss of US$22.8 million (S$28.9 million) for the full year, down from the previous year's loss of US$76.8 million.
Revenue plunged 31 per cent over the previous year to US$75.3 millon due to a fall in spot rates, termination of vessel charters, disposal of a vessel and new contracts at lower rates.
Earnings per share for the full year ended Mar 31 came in at negative 1.7 US cents, up from negative 6.1 US cents the previous year.
Net asset value per share was 22 US cents as at Mar 31, down from 24 US cents on the same date last year.
The dry bulk shipping industry remains volatile, the company said on Wednesday.
The industry remains exposed to oversupply due to new ships financed by private equity funds, and continued ordering of vessels may dampen freight rates in the coming years, it added.