Malaysian Bulk Carriers eyes fleet expansion this year

Malaysian Bulk Carriers (MBC) is on the hunt for a bargain price for a vessel to expand its fleet this year, the company's top official said. Kuok Khoon Kuan, ceo of MBC, said the company is expecting growth in terms of asset size as there are plans to acquire more ships this year as well as rebuilding its fleet.


Kuok said the shipping industry is currently very competitive and MBC would need to invest more for growth and expansion. He added that MBC would not miss out on an opportunity on a good buy. “It is a matter of opportunity. You see a good ship with a good price, you go in,” he told reporters at the company's annual general meeting in Kuala Lumpur. The Malaysia-listed firm is expecting lower revenue this year due to the tough market conditions. The company had recorded a revenue of RM404.3m ($134.2m) in the year ended 31 December 2010, up 33% from RM303.7m in 2009.
(Source:http://www.seatrade-asia.com)