Wilson whacked

It has been forced to lay-up ships and place others into a crowded spot market due to a significant fall in volumes.

Wilson lost NOK 39.8m in the three months to 30 June, compared to a profit of NOK 95.4m a year ago.

Gross income tumbled from NOK 538.4 to NOK 391.7m, while time charter and crewing costs headed in the opposite direction.

Wilson said: “The company is still affected by the general recession in Europe.

“The downturn came more suddenly and became steeper than the company managed to foresee to and has resulted in a substantial decline in volumes compared to last year.

“The decline now seems to have stopped, but the company has so far not experienced any increase in activities or price levels.”