Malaysian Bulk Carriers (Maybulk) has posted a second quarter loss of MYR 151.3m ($36.6m) due to impairments related to its stake in PACC Offshore Services Holdings (POSH).
It said the impairment of MYR 147.6m was taken following its earlier decision to sell its 21.2% stake in the Singapore-listed offshore vessel operator.
The Robert Kuok-backed bulker owner also reported an 18.7% year-on-year decline in revenue to MYR 57.5m. However, voyage expenses declined by 62% to MYR 7.1m.
However, the group’s operating results improved by MYR 7.15m, turning into a profit of MYR 4.3m, versus a loss of MYR 2.8m 12 months earlier.
The improvement was mainly attributed to higher charter rates with its fleet averaging $10,356 per/day during the second quarter against $9,556 per/day in the preceding quarter.
“Global seaborne trade has grown, but we expect continued volatility for the rest of 2018,” Maybulk said.
“In the first half of 2018, there were fewer scrapping as compared to same period last year. Increasing cost of new builds and higher steel prices have dampened new building orders.
“The board is cautiously optimistic on the dry bulk markets for the balance of the year.”
