KUALA LUMPUR: The Malaysian Bulk Carriers Bhd’s (MBC) net profit for the second quarter ended June 30, 2022 (Q2FY2022) rose to RM61.07 million from RM32.06 million registered in the same quarter last year.
Revenue, however, fell to RM39.57 million from RM53.62 million previously.
In a filing with Bursa Malaysia today, it said the company also registered a higher profit of RM69.51 million in the first half of financial year 2022 (1HFY2022) from RM47.06 million in the same corresponding period last year despite recording a lower revenue of RM78.65 million in 1HFY2022 compared with RM100.24 million a year ago.
It said the decrease in revenue was mainly due to reduced hire days from a smaller fleet size despite a 26 per cent increase in charter rates compared with corresponding last year.
"The drybulk shipping markets remained relatively firm in Q2FY2022 due to the shift in trading patterns as a result of the Ukraine-Russia conflict,” it said.
It said interest expense decreased by 56 per cent to RM2.68 million mainly due to lower borrowing cost from the repayment of loans and reduced lease liabilities with the redelivery of two chartered-in vessels in the financial year 2021.,
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Meanwhile, MBC said it had completed the disposal of a Kamsarmax sized vessel, MV Alam Kukuh, with net proceeds of RM160.554 million which resulted in a total gain on disposal of RM50.06 million in 1HFY2022.
Going forward, it said replacement supply after the Russian coal ban by the European Union in August 2022 could be coming from the US, Colombia, South Africa and Australia which could increase tonne mile.
"However, increasing volatility in the drybulk shipping market is expected with negative impacts from high global inflation and the underwhelming Chinese economy cushioned by some positive developments including a temporary deal of 120 days between Russia and Ukraine allowing the resumption of grain exports.
"Drybulk vessel prices and sales and purchase activity have been on a slightly downward trend since May 2022,” it said.
It added that the company continued to deploy short to medium-term charters to mitigate against volatile market conditions. - Bernama