Malaysia's Global Carriers Bhd remained in the red in the first quarter, posting a MYR3.96m ($1.24m) loss although this narrowed slightly from the MYR4.81m loss posted in the first quarter of last year.

Revenue fell by more than half to MYR6.20m due to the drydocking of two vessels during the quarter and the disposal of a vessel in the third quarter of last year.

Global Carriers however managed to improve performance from the preceding quarter, cutting its pre-tax loss to MYR4.20m from MYR6.23m as it lowered operating expenses.

The company added that due to the global economic uncertainties, the spot tanker market is expected to remain low for the rest of the financial year.