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Malaysian Bulk Carriers sees huge Q1 gains from POSH contributions

Malaysian Bulk Carriers had a fantastic first quarter with net profit more than doubling to MYR22.9m ($7.1m) from MYR9.1m previously on an 18% rise in turnover to MYR71.7m on improved charter rates and increased contributions from booming offshore unit PACC Offshore Services Holdings (POSH), the company said in a stock market announcement.

Vincent Wee, Hong Kong and South East Asia Correspondent

May 29, 2014

1 Min Read
Kalyakan - stock.adobe.com

Contributions from dry bulk rose by MYR9.6m as average TCE rose 29%. Malaysian Bulk noted however that chartered-in vessels continued to suffer losses as the earnings from these vessels are still at levels below the charter-in cost.

POSH contributions leapt 91% to MYR25.5m and more than offset lower contributions from other investments where mark-to-market losses on investments caused a MYR823,000 exceptional operating loss for the quarter, Malaysian Bulk said.

Looking ahead, the company said: "The board is confident that our associate POSH will continue to contribute positively to the Group."

It added: "Overall the board believes the group will remain profitable for the year."

Read more about:

dry bulk shipping

About the Author

Vincent Wee

Hong Kong and South East Asia Correspondent

Vincent Wee is Seatrade's Hong Kong correspondent covering Hong Kong and South China while also making use of his Malay language skills to cover the Malaysia and Indonesia markets. He has gained a keen insight and extensive knowledge of the offshore oil and gas markets gleaned while covering major rig builders and offshore supply vessel providers.

Vincent has been a journalist for over 15 years, spending the bulk of his career with Singapore's biggest business daily the Business Times, and covering shipping and logistics since 2007. Prior to that he spent several years working for Brunei's main English language daily as well as various other trade publications.

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