Malaysian Bulk Carriers (Maybulk) saw almost flat second quarter profits at MYR139m ($4.4m) compared to MYR13.1m previously as lower revenue of MYR61.5m and higher operating expenses of MYR50.1m led to an operating loss of MYR4.8m.

Maybulk blamed this on a very weak dry bulk market with charter rates at one of the lowest levels, as well as the downtime incurred for docking and docking costs.

Other operating profit of MYR18.2m mainly comprising an extraordinary gain from disposal of a vessel and positive mark-to market adjustment on investments helped soften the blow however. Meanwhile, contributions from offshore services associate PACC Offshore Services Holdings also fell 68% from the quarter before to MYR8.2m.

For the first half, profit rose to MYR36.9m from MYR22.1m previously but this was mainly due to gain on disposal of a vessel and improved charter rates. Without the benefit of a one-off gain of MYR16.2m from the disposal of a vessel, the bulk segment still reported a loss but it was a lower loss of MYR7.6m, against a loss of MYR15.2m in the same period last year. The significant improvement was largely due to higher charter rates earned, and in particular the group’s own vessels reported a profit in first half. Unfortunately, chartered-in vessels continued to report losses, Maybulk said in a stock market announcement.

The tanker segment also saw a small loss of MYR820,000 despite the improved charter rates earned, due to the scheduled docking of vessels which resulted in docking cost of MYR1.9m and a loss of 30 revenue days.On the whole however average TCE rose from $10,629 to $9,506 as hire days rose to 2,696 from 2,534 previously.