Shipping Corporation Profit Decreased By 21%

Industry: Logistics & Shipping, Shipping
Company: Bangladesh Shipping Corporation (BSC)
Company Intelligence Tag: Business Insights

The Bangladesh Shipping Corporation (BSC) reported a more than 21% decline in profitability for H1 FY24, with net profit falling from Tk128 crore to Tk100 crore. The decrease is attributed to a global charter fee downturn and vessel-related factors.

The decline in international charter fees for ocean-going vessels was a primary contributor to the 8% drop in revenue, reaching Tk226.36 crore. Repair-related dry docking of a vessel and a missile attack on another impacted earnings.

Despite an increase in lighterage income by 17% to Tk44.90 crore, time charter revenue declined by 14% to Tk146.43 crore. BSC’s revenue from services, including building rent, also fell by 5% to Tk35.02 crore. The financial challenges reflect a shift from previous years’ growth amid pandemics and geopolitical events.

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