,KUALA LUMPUR: EA Technique (M) Bhd, a marine transportation and oil storage company, made a huge loss in the last quarter on lesser charter hire and additional impairment charges on its vessels. The company expects another tough year ahead, as it predicted fewer spot charter and lower charter prices, For the three-month ended Dec 31, EA Technique reported a net loss of RM50.17mil on revenue of RM55.5mil, the company said in a Bursa Malaysia filing. The losses were due to the additional provision for impairment loss for the vessels, lesser charter hire received from tankers Nautica Tembikai and Nautica Muar and expiry of contract for Nautica Johor Bahru. As at Dec 31, the Group’s orderbook was approximately RM475.51mil with additional RM307.11mil for extension period. This includes a RM239mil long-term charter contract secured in May, 2019 that is expected to commence by second half of year 2021 with the delivery of the first vessel. "The Company expects a possibility of a lower revenue due to fewer spot charter and adjustment on the charter hire price. Nonetheless, the Company is continously looking for new business and contracts which will contribute positively once the Covid-19 situation is under control," it said. Earlier this month, EA Technique announced it had reached a US$25.5mil settlement (RM104.7mil) with Malaysia Marine and Heavy Engineering Bhd (MHB) over their dispute concerning a 2015 floating storage and offloading (FSO) conversion project.
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