WHILE most shipping lines worldwide are getting into troubled waters or sinking into the red and recording reduced profits, Halim Mazmin Bhd (HMB) is riding on the crest of the waves taking it to an unprecedented height of success.

The shipping line, which has maintained an unbroken record sterling performance in the six years of its status as a public-listed company, has defied odds by reporting 162 per cent increase in profit before tax in its half year results released recently.

Elsewhere, nearly all major shipping lines had bad news when their half year results were announced.

Domestically, Malaysian International Shipping Corp saw its profits dip for the first time in many years, as did Nepline Bhd and Bumi Armada Bhd, all shipping lines listed on the main board of Kuala Lumpur Stock Exchange.

Across the Causeway, Singapore's state-owned shipping line Neptune Orient Line is headed for one of the highest losses in its history.

The cash-strapped carrier was slammed by the republic's Deputy Prime Minister in an unannounced visit to its headquarters last month, over reports that the carrier had sought financial help from its shareholder, Temasek Holdings, to defray its losses that are expected to exceed RM800 million for the full year this year.

Elsewhere, P&O Nedlloyd, one of the world's leading line, had reported about RM200 million losses in the first half of this year while the performances of the Taiwan-owned Evergreen plunged into the red and Hong Kong-based Orient Overseas Line recorded historic low profit of US$1million (US$1 = RM3.80) compared with US$45 million for the same period last year.

Even the world's largest carrier Maersk had no good news.

Yet, in this gloom and doom scenario, HMB, which migrated to the main board in January this year, is looking at one of its best performances yet.

The shipping line, which owns nine ships totalling more than 300,000 deadweight tonne, expects to maintain the healthy performance it recorded in the first half for the remaining six months of its financial year.

The sustained performance could put the shipping line on track to post a higher profit before tax this year.

According to industry analysts, the shipping line, which last year posted profit before tax of about RM20 million before exceptional item, could easily record a profit before tax of more than RM30 million, a neat RM10 million more than it recorded the year earlier.

How has HMB been able to maintain such a sterling performance?

Part of the reason for its success comes from the long-term charters the company has secured for its four container vessels from reputable international shipping companies.

But long-term charters, as anyone in the industry know, is not water-tight.

Charterers are known to have off-hired ships at the slightest excuse as provided for in the charter-party terms when they really do not need the vessel.

With the market awash with huge surplus capacity, it makes it even more easier for charterers to look around for vessels that offer cheaper rates.

But this was not to be the case with HMB. It fact, HMB secured higher rates for its vessels during these uncertain times, a development which reflects the shipping line's close relationship with its charterers.

As a managing director of a local agency representing one of the largest liner operators in the world said: "We are very impressed with HMB ability to secure higher rates when all others are talking about lower rates."