The Malaysia-based shipping firm slashed its 2011 net loss to MYR1.51m ($503,900) compared to a loss of MYR18.11m in 2010. Revenue climbed to MYR64.71m from MYR58.12m.
Global Carriers also blamed higher operating expenses for a MYR3.23m net loss in the fourth quarter compared to a loss of MYR2.43m in the preceding quarter.
The company said its newly built double hull vessels are operational and contribute to the revenue of the group. “However, due to the global economic uncertainties, the spot tanker market is expected to remain subdued for the remaining financial year,” it said in a statement.
All of Global Carriers' vessels are chartered except for periodic repair and maintenance, it added.
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