Chief executive Encik Pandai Othman said: “The global oil market has entered the infancy stage of recovery. OPEC+ played a major role in stabilising the market by relaxing production quotas in tandem with global oil demand throughout 2020. However, a swifter rebound looks to be at risk in view of renewed lockdowns in several major oil importing countries to curtail the spread of the new Covid-19 strain.
"As such, we remain cautious on the prospects of order book replenishment in the near term in view of uncertainties surrounding the timing of capital spending by oil majors."
He added that shipowners were tending to opt for dry docking in countries with more relaxed border restriction regulations, but once the industry recovers, the company's new fully operational dry dock would offer more flexible dry docking windows to shipowners.