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Shin Yang Shipping reports lower earnings for 2015

Shin Yang Shipping reports lower earnings for 2015
Malaysia’s domestic shipping firm Shin Yang Shipping Corp has posted lower earnings in 2015 compared to the previous financial year.

Net profit for the year ended 31 December 2015 was recorded at MYR8.97m ($2.16m), down 8.6% from the gain of MYR9.74m in 2014.

Revenue also fell by 31.5% year-on-year to MYR362.26m.

Kuala Lumpur-listed Shin Yang said vessel overcapacity and uncertain demand continue to put dry bulk cargo and container freight rates under pressure over the short term at least.

“The prospects for the shipping industry continue to remain challenging and positive with the recent delcine in crude oil price and the group is prepared with a sustainable and market driven routes for its fleet movements,” Shin Yang said.

It added that it has confidence in the stability of the domestic, coastal and container shipping.