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GMS Week 34 – SIGNS OF LIFE!

Signs of life finally started to emerge from the subcontinent markets this week as prices in both Bangladesh and India showed marked improvements and cutting permissions on a multitude of tankers beached in Pakistan are finally set to be issued this coming week.

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Maybulk’s 2Q net loss jumps to RM151m on POSH’s impairment loss

Malaysian Bulk Carriers Bhd (Maybulk), which is controlled by tycoon Robert Kuok, saw its second quarter net loss expand about 14 times year-on-year to RM151.27 million from RM10.75 million, as it recognised an impairment loss from the disposal of its former associate, Singapore-listed PACC Offshore Services Holdings Ltd (POSH).

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Nordic Shipholding Company H1 Result 2018

The soft tanker market continued to deteriorate into Q2 2018. Coupled with higher bunker prices, the average daily Time Charter Equivalent (“TCE”) rates earned by the 6 vessels deployed in the three pools came in below their forecasted daily rate in H1 2018.

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Team Tankers International Ltd. Announces 2nd Quarter 2018 Results

Team Tankers International Ltd. (OSE: TEAM) reported EBITDA for the 2nd quarter of $6.7 million, compared with $2.5 million in the 1st quarter of 2018 (Q2’17: $3.1 million). Net income in the 2nd quarter of 2018 was $4.4 million compared with a net loss of $7.3 million in the 1st quarter of 2018 (Q2’17 net loss: $7.1 million). The average time charter equivalent rate for the fleet was $11,316 per day this quarter, compared with $10,610 per day in the previous quarter.

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