STAR BUSINESS REPORT

Bangladesh Shipping Corporation’s profit declined 17 percent year-on-year to Tk 50.33 crore in the first quarter of the current fiscal year due to lower vessel fares.

The state-owned corporation made a profit of Tk 60.70 crore in the July-September quarter of 2022–23, it said in a stock exchange filing.

BSC reported consolidated earnings of Tk 3.30 per share in July-September of 2023-24, compared with Tk 3.98 a year earlier.

It said the EPS decreased as the vessel fare in the international shipping sector decreased.

Shares of the company fell 0.37 percent to Tk 107.50 on the Dhaka Stock Exchange yesterday.

The corporation earned Tk 321.79 crore from chartering its ships in 2022-23, up 9 percent year-on-year. The net profit rose to Tk 246.29 crore from Tk 225.8 crore.

Currently, BSC has seven vessels in its fleet.

Last month, the corporation said it would add 18 new ships to its fleet within a short period. All of them will be purchased with foreign assistance.

Of the ships, the purchase of four bigger vessels -- including two mother bulk carriers and two crude oil mother tankers -- at a cost of around Tk 2,500 crore has progressed as BSC has already signed a contract with a Chinese supplier.