Revenue fell by nearly half to MYR64.8m from MYR100.4m previously.
The core dry bulk segment posted a pre-tax profit of MYR7.6m in first half of 2012, a slump of 87% from MYR57.1m a year ago. The significantly weaker performance was mainly due to deterioration in margins for chartered-in vessels and a 40% year-on-year drop in average post-panamax daily hire, Maybulk said in a stock exchange announcement. The tanker segment turned in a loss of MYR2.6m compared to a profit of MYR234,000 the year before. Average fleet TCE day rates plunged nearly half to USD10,573 from USD18,420 previously while hire days declined from 2,725 to 2,674.
Maybulk said that "as the market outlook is generally very weak, the Group is not aggressively rushing into acquisition and/or long term charters. However, in anticipation of market recovery, the Group is currently negotiating two long term charters with purchase options and two acquisitions, both dry bulk carriers for forward deliveries and will continue to look for opportunities."
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