Malaysian Bulk Carriers Bhd (MBC) expects to record a lower revenue this year amid the currently challenging market.

Its chief executive officer, Kuok Khoon Kuan said the shipping industry was very competitive and the company would need to spend more for growth and expansion in order to survive.

We expect growth in terms of asset size, which we have already started last year, he told reporters after the company's annual general meeting here today, adding that the company planned to acquire more ships this year as well as rebuild its fleet.

While he did not disclose the budget for their expansion, he said the company would not miss out on a good buy.

It is a matter of opportunity. You see a good ship, with a good price, you go in, he added.

For the financial year ended Dec 31, 2010, MBC's revenue grew 33 per cent to RM404.3 million from RM303.7 million in 2009.

The better performance was attributed to a firmer dry bulk market and increased hire days. - BERNAMA