Global Carriers loss grows

Malaysia's Global Carriers has posted a much bigger loss in the first quarter as it prepares its debt restructuring plan.

The net deficit to 31 March was MYR 190.35m ($59.2m), against a loss of MYR 4.19m in the same quarter of 2013.

It said this was due to losses from the disposal of subsidiaries.

Revenue actually improved to MYR 9.33m from MYR 6.2m as two ships came out of drydock.

The company remains in talks with lenders over rejigging its debt.

It has until 30 June to submit a plan to Bursa Malaysia.

Global also revealed it is facing a claim for repayment of MYR 26.39m by Kuwait Finance House.

It could face a winding-up petition if it fails to settle, but is fighting the claim.

TRENDING TODAY

  1. Economou linked to buy number 10

    Greek shipowner's busy week continues with reported purchase of aframax resale.

  2. Iraqi oil minister vows tanker fleet renewal

    Second largest Opec oil producer to build fleet destroyed in first Persian Gulf War.

  3. Scorpio Tankers executives buy up stock

    Investment runs to beyond $4.5m and follows dividend reduction and bullish profit projections.