KDM doubles yoy cargo revenue in 1Q13, despite 20% mom decline

KDM Shipping’s cargo volume dropped 8% mom in March to 48.7 kt and its average freight rate fell 14% mom to USD 26 per ton, reducing its monthly revenue from cargo transportation 20% mom to USD 1.26 mln. On a yoy basis, its results were much better: volume grew 110% yoy in March, while revenue surged 115% yoy. In 1Q13, shipments rose 110% yoy to 165 kt, boosting revenue by 106% yoy to USD 4.8 mln. The company attributed its large yoy growth to its low comparison base, when the Azov Sea was frozen for a month in 1Q12.