KDM Shipping reports EBITDA growth of 1.9% yoy, 26.5% revenue jump

KDM Shipping (KDM PW) reported 1H13 revenue of USD 12.1 mln (+26.5% yoy), EBITDA at USD 4.9 mln (+1.9% yoy), net income at USD 3.9 mln (+0,8%). The company explained the discrepancy between revenue and earnings dynamics with a 9.7% decrease in average freight rates in 1H13, as well as with increased costs caused by longer average routes, a marginal increase in port dues and rising agent fees. The company’s management offered a positive 2H13 outlook on the back of expected high demand for grain exports, following strong harvests in Ukraine, Russia and Kazakhstan.