MISC's box shipping unit wracks up US$1.66 billion in losses over 5 years

2012 02 29

THE aggregate loss clocked up by Malaysian shipping line MISC since 2007 has ballooned to MYR3,305 million (US$1,6 billion), making it the biggest loser among its rivals.

For the whole of 2011, MISC Berhad suffered an operating loss of MYR661 million (US$215 million) in liner shipping and logistics.

To make amends, the company has taken a MYR1.4 billion (US$460 million) provision for its plan to exit from the container shipping trades by the end of June this year.

Alphaliner reported the provisions included impairment of asset values and costs related to its withdrawal from shipping line alliances and the scrapping of related services and operational contracts.

The company's average operating margin of 31 per cent in 2011 for its container shipping arm is said to rank as the "worst among all liner operators for the third straight year".

Source Shipping Gazette - Daily Shipping News

The magazine SEA has been published since 1935
International business magazine JŪRA MOPE SEA has been published since 1999
The first magazine in Eurasia in the four languages: English, Chinese, Russian and Lithuanian


International business magazine JŪRA MOPE SEA
Minijos str. 93, LT-93234 Klaipeda, Lithuania
Phone/Fax: +370 46 365753
E-mail: news@jura.lt



Ltd. Juru informacijos centras

The magazine JŪRA has been published since 1935.
International business magazine JŪRA MOPE SEA has been
published since 1999.

ISSN 1392-7825

2017 © www.jura.lt