Global Carriers Berhad has come a long way; from her humble beginnings as a tanker operator in the late 1980's to currently being a significant player in oil transportation services in Malaysian waters, and beyond. History has witnessed Global Carriers riding the waves of time and weathering through numerous challenges and difficult times.

Her first major milestone was etched on 26 April 1996 when Global Carriers Berhad was listed on the Second Board of the Kuala Lumpur Stock Exchange. Her shares were oversubscribed by 122 times! Buoyed by the initiatives of the Malaysian Government to become a maritime hub and compete with neighbouring Singapore, this paved the way for a promising and favourable investment climate.

Global Carriers' commitment to operations excellence was substantiated when she became one of the first ship management companies in Malaysia to practise the International Safety Management ("ISM") in 1991, a year before the latter came into effect. During the same period, Global Carriers was pursuing marine transportation services outside South-East Asia, riding the waves to the Far East, Australia, Africa, the Mediterranean and North America.

In 1997, the financial crisis in Asia dealt a big blow to Global Carriers. Strategic cost-cutting measures were implemented, general cargo vessels which were unprofitable were disposed while the remaining vessels had to be chartered out at the best possible rates under a rationalisation exercise. Although these measures were effective, the economic uncertainty following the September 11 tragedy in the United States, coupled with the rising costs and the regional epidemic, brought about some restraint and constriction in her expansion and strategic plans. However, throughout this tumultuous time, the oil tankers proved to be the saving grace and backbone of the company.

In January 2002, Dato' Azlan Hashim was appointed Chairman of Global Carriers Berhad, which resulted in a reshuffling of the Board of Directors and effected changes in the shareholding structure. At this junction, Global Carriers had completed its rationalisation exercise and subsequently, new ordinary shares and other debt instruments were issued in May 2003 to facilitate and propel the company towards its expansion.

Global Carriers was re-listed on 17 June 2003, whereupon Redeemable Cummulative Preference Shares (RCPS) and Redeemable Unsecured Loan Stocks (RULS) were issued to scheme creditors. That same year, four container-ships were disposed while the remaining vessels (six tankers and two container-ships) were fully chartered, thereby bringing in positive returns.

In compliance with amendments made by the International Maritime Organisation (IMO) to Annex 1 of MARPOL 73/78, which is part of a global act in the prevention of accidental pollution in the event of breach of a ship's hull, Global Carriers anticipates phasing out her present six carriers by Year 2010 and replacing them with new double-hull vessels. Consequently, two units 7,000 DWT double-hull tankers are being built in Ningbo, China. Meanwhile, the 12,000 DWT double-hull vessel, which was delivered end of 2006, is currently transporting oil in Indonesian waters.

With the imminent arrival of the four new 7,000 DWT double-hull tankers in mid-2008, it surely augers well and provides a positive outlook for Global Carriers. Members of the Management team and the Board of Directors are poised to face the challenges ahead and most assuredly to take Global Carriers to greater heights. In retrospect, we are determined to stay the course so as to achieve and realise our vision
to provide best value in marine transportation services.