MISC blamed the drop on a reduction in liner business revenue from lower volume carried and lower freight rates as the segment suffered a 93% reduction in liftings following the decision to quit the sector. Losses also more than doubled to $133.9m from $59.0m previously.
MISC is carrying $72.0m in provisions to exit the liner business by the middle of the year and the overhang looks likely to continue till at least the second quarter. The group also took on additional impairment provision on its ships of $38.0 million in the current quarter after a decrease in asset values from deterioration of shipping markets.
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