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.”