KUCHING: The strong recovery in freight rates for container and dry bulk shipping from years of been in the doldrums has given a big boost to the bottom lines of Sarawak-based shipping companies. Harbour-Link Group Bhd
and Shin Yang Shipping Corp Bhd (Syscorp), key beneficiaries of the current robust ocean freight rates, have reported better utilisation of their shipping spaces and increased cargo volume.
Hubline Bhd, which ceased containerised shipping in 2015 after incurring massive losses due to overcapacity and depressed freight rates, similarly posted stronger earnings from its dry bulk shipping business.
In the nine-month period to March 31, 2022 (9M22), Harbour-Link saw its pre-tax profit of its shipping and marine segment cross the RM100mil mark to RM100.4mil as revenue grew 35% to RM373.6mil.
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