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-Higher freight income helps U-Sea Bulk Shipping get back to profit in Q3 2011.

NORDIC BUSINESS REPORT-November 18, 2011--Higher freight income helps U-Sea Bulk Shipping get back to profit in Q3 2011(C)2011 M2 COMMUNICATIONS

18 November 2011 - Danish U-Sea Bulk Shipping A/S (CPH:USEA) announced today a profit of USD1.8m for the third quarter of 2011 versus a year-earlier loss of USD4.7m thanks to an 11% increase in freight income.

Freight income landed at USD133.4m in July-September 2011. This resulted in a gross profit, or net earnings from shipping activities, of USD8.1m, versus a year-earlier loss of USD2.3m. The performance was in line with the company's revised expectations.

Third-quarter operating profit came in at USD2.8m, compared to last year's loss of USD5.8m.

For the first nine months of 2011, U-Sea Bulk posted a net loss of USD3m on freight income of USD388.7m.

Supramax and Panamax rates, which reached a relatively low level in July, recovered in August and September, the company said. U-Sea Bulk expects freight rates to improve in the fourth quarter compared to the third quarter. However, the dry bulk market is weaker in 2011 than in 2010 due to oversupply of newbuildings and weaker demand.

U-Sea Bulk confirmed its recently downgraded guidance for EBITDA in the range of USD1m-5m in 2011.

(EUR1 = USD1.4)

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Publication:Nordic Business Report
Article Type:Brief article
Geographic Code:4EUDE
Date:Nov 18, 2011
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