Revenue fell to MYR51.75m from MYR71.72m on extremely depressed dry bulk rates and lower contribution from PACC Offshore Services Holdings Ltd (POSH).
Maybulk said dry bulk freight rates plunged at the start of the year and resulted in a decline in the bulk segment by MYR22.71m year-on- year as rates dropped 43% or $4,536 per day to an average of $6,085 per day.
Meanwhile the decline in POSH contribution was mainly due to the soft demand in offshore marine support services sector, it added.
Looking ahead, Maybulk views 2015 as being a testing one for the group.
Dry bulk demand is expected to be adversely affected in 2015 by weaker Chinese iron ore and coal imports with dry bulk supply expected to outpace demand.
POSH's performance meanwhile, would continue to be negatively affected by low oil prices.
However long term contracts secured for its offshore accommodation vessels will contribute significantly to performance for the rest of the year.
Copyright © 2023. All rights reserved. Seatrade, a trading name of Informa Markets (UK) Limited.
