Maybulk's shares drift lower after carrier incident last week

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KUALA LUMPUR (July 20): Shares of Malaysian Bulk Carriers Bhd (Maybulk) were down 1 sen or 0.98% in the morning trades today, following an announcement to Bursa dated July 18, that its bulk carrier, MV Alam Manis, was evacuated at sea due to severe listing on July 17, with one fatality reported during the process.

As at 11:23am, Maybulk (fundamental: 0.55; valuation: 1.20) was trading at RM1.01, with 26,000 shares traded.

Its current price gives the group a market capitalisation of RM1.02 billion.

Trading of Maybulk shares were suspended between 9am to 10am this morning.

Maybulk’s majority shareholders include Kwok (Singapore) Limited (34.46%), Ministry of Finance Inc Malaysia (18.39%) and PPB Group Bhd (14%).

On July 12, MV Alam Manis had departed Loreto Dinagat, Philippines, en route to Lianyungang, China, with 21 Filipino crew members and 53,795 metric tonnes of nickel ore.

Three days later, the vessel listed by 14 degrees starboard, when the cargo in two of the holds started to shift due to heavy weather and adverse swell, while approximately 225 nautical miles south east of Taiwan.

The group said it is rendering all necessary assistance to affected personnel and their families, and that the incident is unlikely to have a material impact on the group's earnings.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)