AsiaDry Cargo

Maybulk suffers first ever loss

Emblematic of the dire times for dry bulk, Malaysian Bulk Carriers (Maybulk) has recorded its first ever annual loss. The Robert Kuok-controlled line suffered a net loss of MYR1.18bn ($282.14m) in 2015. As well as vessel impairments losses, the line was hit by poor results from sister firm PACC Offshore Services Holdings (POSH).

“2016 is expected to be yet another challenging year for dry bulk shipping,” Maybulk said. “Looking forward, China’s seaborne coal imports are expected to decline further in 2016. The increase in demolition activity, reduced dry bulk deliveries and increasing lay-ups should help to reduce tonnage overcapacity.”

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Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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