Cosco Corp (Singapore) has been hit by a SGD82.12m ($57.88m) deficit in the third quarter due to losses at its shipyards and shipping operations amidst unfavourable market conditions.

The loss in the quarter ended 30 September 2015 compared a profit of SGD7.15m in the previous corresponding period, as the Chinese firm struggled in market conditions of low oil price, and soft dry bulk shipping and shipbuilding markets.

Quarterly revenue fell by 18.1% year-on-year to SGD949.57m owing to decreases in shipyard and shipping revenues.

“Notwithstanding that the group has accumulated substantial experience in the offshore marine segment, it will still face new operational challenges in the production of higher value products,” said Wu Zi Heng, vice chairman and president of Cosco Corp.

During the quarter, the group delivered three PSVs, one AHTS vessel and one semi-submersible accommodation vessel.

As at 30 September 2015, the group’s orderbook stood at $7.9bn with progressive deliveries up to 2017. New orders received in the first nine months of this year include seven containerships, one shuttle tanker, one module carrier, one research vessel and one FPSO conversion.