Kuala Lumpur: Kuok Group's Malaysian Bulk Carriers profits soared in the first quarter of the year. Bursa Malaysia listed MBC reported a first quarter profit of RM53m, compared to RM16m in the same period a year earlier. Profits were pushed up by much stronger dry bulk freight rates with its fleet averaging $30,263 time charter equivalent compared to $11,807 TCE in the first quarter of 2009. For its product tanker fleet the average TCE was down slightly in the first quarter at $18,171 compared to $19,138 a year earlier. MBC expected the outlook for freight remain strong buoyed by China. The global freight market firmed in the last few weeks, stimulated by increased activities in the market on the back of increased trade from China," the company said. However it said it expected business to remain challenging with some European countries showing uncertainties in resolving their national debts. [19/05/10]
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