Malaysian product tanker owner and operator Global Carriers narrowed its first quarter net loss to MYR4.8m ($1.5m) from MYR6.9m in the previous corresponding period, Seatrade Asia Online reports.
Revenue however rose from MYR12.9m to MYR13.1m due to higher utilisation of vessels and lower technical downtime. But the company still turned in losses due to higher operating expenses and lower spot charter rates during the first quarter.
Global Carriers noted that all its six vessels are chartered out but due to the global economic uncertainties, the spot tanker market is expected to remain depressed for the rest of the year.
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