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