The Malaysian dry bulk and tanker player was saved from an overall loss by a handy MYR13.4m contribution from its offshore unit PACC Offshore Services Holdings, turning in a net profit of MYR9.1m, although this was a 70% plunge from the MYR30.8m profit in the previous corresponding quarter.
Prospects for the key dry bulk segment continue to look bleak, with first quarter charter rates sliding 24% to $8,203 a day and continued oversupply in the market.
The tanker segment seems to have recovered slightly for Maybulk, as they managed to squeeze out a MYR395,000 gain in this most recent reporting period, turning around a loss of MYR2.3m in the first quarter of 2012, as average charter rates earned increased 27% to $12,479 a day.
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