US Shipping Partners shares plunge after 1Q loss

Shares of U.S. Shipping Partners LP lost more than a quarter of their value Friday, after the petroleum and chemical shipper said it swung to a first-quarter loss, hurt by slipping charter rates and longer idle periods due to waning demand.

The Edison, N.J.-based company posted a loss of $5.7 million, or 31 cents per unit, compared with a year-ago profit of $5.6 million, or 31 cents per unit.

Voyage revenue rose 22 percent to $51.5 million, from $42.1 million a year earlier.

The loss was wider than Wall Street was expecting. Analysts, on average, predicted a loss of 9 cents per share, with revenue of $42.1 million, according to Thomson Financial.

The company said demand for its vessels was hurt by a weak U.S. economy and slower refinery activity. High fuel costs and increasing competition from newly built ships also hurt results, the company said.

Shares sank $2.91, or 24.8 percent, to $8.82 in afternoon trading, after hitting as low as $8.25 earlier in the session. The stock has traded between $8 and $22.45 in the past year.