Sealink of Malaysia has taken a hit in 2016 due to lower vessel demand and impairment charges.
The shipowner and shipbuilder swung to a full year net loss of MYR 58.4m ($13.1m), against MYR 7.5m in 2015.
This figure included an impairment charge of MYR 31.3m, the company explained.
Sealink’s red ink came on revenue of MYR 122.9m, down from MYR 141.5m a year earlier.
The company explained its vessel utilization rate dropped further in the fourth quarter and the impact was felt on its annual bottom line.
On a more positive note, Sealink saw its shipbuilding division boost its revenue to MYR 61m from MYR 22.2m.
According to Clarksons, Sealink controls a fleet of more than 30 offshore vessels while it has ongoing projects for a dozen ships in its shipbuilding facilities.
