Maybulk's share price dips following vessel incident

PETALING JAYA: Malaysian Bulk Carriers Bhd's (Maybulk) share price fell marginally by 0.98% or 1 sen yesterday to RM1.01 following the death of a crew member of Alam Manis after it experienced severe listing whilst at sea.
20 others were rescued from the vessel. Some 84,900 shares changed hands.
Trading in Maybulk's securities was halted for an hour yesterday from 9am and resumed from 10am. Accordingly, trading in structured warrants relating to Maybulk was also halted at the same time.
The Alam Manis, a 55,652 dwt bulk carrier, had departed Loreto Dinagat, Philippines last Sunday (July 12, 2015) after loading 53,795 metric tonnes of nickel ore in bulk with 21 Filipino crew members, en route to Lianyungang, China.
As a result of heavy weather conditions and adverse swell, the cargo shifted resulting in the vessel listing by 14 degrees starboard.
On July 15, 2015, the vessel called the office to inform of the list that had developed. The vessel was 225 nautical miles south east of Taiwan. A crisis command centre was immediately set-up and the vessel was instructed to proceed to the nearest port of refuge.
A salvage tug "Salviscount" was immediately despatched to assist the vessel. Escorted by the Salviscount, the vessel then proceeded on the safest course towards San Fernando in north Luzon being the nearest port of refuge.
On July 17, 2015, the listing worsened to 20 degrees starboard and in the interest of the safety of the crew, a decision was made to evacuate ship.
Maybulk had said that the surviving 20 crew are being taken to San Fernando and that the company is rendering all necessary help and support to the personnel affected, and their families.
"The initial assessment is that the vessel is salvageable, and the immediate task is to discharge cargo to enable the vessel to be towed to the repair yard. The vessel will be out of service for repairs. However, it is unlikely that there will be a material impact on the group's earnings. Save for hull insurance deductible of US$100,000 (RM380,610), all repair costs and cargo claims are covered by insurance," Maybulk had said in a filing with the stock exchange last Friday.