Malaysian containership owner PDZ Holdings has squeaked into the black in its fourth quarter.

Net earnings to 31 March were MYR 0.77m ($189,500), compared to a loss of MYR 2.54m in the same three months last year.

Revenue dropped to MYR 28.04m against MYR 38.21m, as PDZ said the “severe” over-supply of ships continued to plague the sector, causing stagnant freight rates.

“However,