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Great Harvest Maeta to move away from shipping business

Great Harvest Maeta to move away from shipping business
Dry bulk carrier operator Great Harvest Maeta Group Holdings is looking to move away from the shipping business in view of the tough shipping market.

Hong Kong-listed Great Harvest Maeta recently warned of a bigger loss for the financial year ended 31 March 2015 compared to 2014, due mainly to the unfavourable operating environment of the shipping market and impairment losses of the group’s vessels.

“With difficult shipping market condition and challenging operating environment ahead, the group intends to identify new development opportunities, expand our scope of business and diversify our income stream by actively expanding into other businesses apart from shipping business,” the company said.

At present, Great Harvest Maeta operates two panamaxes and one capesize, with another panamax bulker under a finance lease arrangement to a third party, according to the company website.