MAYBULK (5077): MALAYSIAN BULK CARRIERS BHD returns to black in Q3, net profit at RM113.58 mil

Maybulk returns to black in Q3, net profit at RM113.58 mil

KUALA LUMPUR (Nov 22): Malaysian Bulk Carriers Bhd (Maybulk) has returned to the black in the third quarter ended Sept 30, 2021 (Q3), registering a net profit of RM113.58 million compared with a net loss of RM5.95 million.

Revenue rose to RM58.68 million in the quarter under review, from RM42.66 million previously.

In a filing Bursa Malaysia, the company said its charter rates for the first nine months of 2021 increased by 114% compared to the corresponding period last year, while hire days were reduced by 36% due to smaller fleet size.

“We have completed the disposal of a handy sized vessel (MV Alam Sejahtera) and two supramax sized vessels (MV Alam Molek and MV Alam Madu) with total net proceeds of RM269.938 million, which resulted in a total gain on disposal of RM98.009 million for the first nine months of this year."

On prospects, Maybulk said dry bulk charter rates have softened notably since late October, with China restricting steel output, as well as imposing a cap on coal prices for domestic suppliers.

“The ship sale and purchase activities have also slowed down with potential buyers holding back in anticipation of a correction in asset prices. Whilst port congestion and logistics inefficiencies are still present, we expect freight rates to remain volatile going into 2022 with global growth likely to slow down from 2021 levels,” it added.

http://www.theedgemarkets.com/article/maybulk-returns-black-q3-net-profit-rm11358-mil