MISC Sees Growth Opportunities

Monday, November 19, 2007
Amidst fears of a tanker glut, MISC Bhd sees growth opportunities in the tanker business. President and chief executive officer Datuk Shamsul Azhar Abbas said shipping was a cyclical business and industry players recognized that there would be opportunities to expand during a downturn.

An increase in oil prices, a number of new tankers transporting crude oil and increasing size of oil tankers fleet worldwide had raised concerns among the shipping fraternity of a potential tanker glut. It was reported that the size of the oil tanker fleet expanded 3.8% this year, overwhelming the 1.7% growth in in crude oil demand estimated by the International Energy Agency.

MISC, through its Britain-based subsidiary AET Ltd, manages the global petroleum tanker business, controlling a fleet of 70 vessels of mainly Aframax vessels and very large crude carriers (VLCC). The group is also waiting for another 19 vessels to be delivered over the next four years. Shamsul told StarBiz that the trend in tanker rates over the past five years was great, with owners enjoying good returns, which in turn was one of the reasons for the oversupply. Source: The Star

Maritime Reporter February 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

MMEA Recover Hijacked Tanker

A hijacked Malaysian coastal tanker has been recovered by the prompt actions of the Malaysian Maritime Enforcement Agency (MMEA) off the coast of Malaysia. The

Scorpio Takes Delivery of STI Veneto

Scorpio Tankers Inc. has taken delivery of STI Veneto, an LR2 product tanker from Hyundai Samho Heavy Industries Co., Ltd. This vessel will begin a voyage for 60 days at approximately $32,

Tohoku Electric's LNG Buy Sets Asian Spot Level

Japanese utility Tohoku Electric has purchased an LNG cargo for delivery in the third week of March at a price in the low $7 per million British thermal unit (mmBtu) range,

LNG

Tohoku Electric's LNG Buy Sets Asian Spot Level

Japanese utility Tohoku Electric has purchased an LNG cargo for delivery in the third week of March at a price in the low $7 per million British thermal unit (mmBtu) range,

Yemen Lifts Force Majeure on LNG Deliveries

Yemen on Friday lifted force majeure on liquefied natural gas (LNG) deliveries from its Balhaf plant, trading sources with knowledge of the matter said. Reuters reported last week that the 6.

Gazprom, OMV Ink Additional Deal

Vienna hosted today the signing of an Addendum to the existing contract for gas supply to Austria between Alexander Medvedev, Deputy Chairman of the Gazprom Management Committee and Gerhard Roiss,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Pipelines Port Authority Salvage Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2194 sec (5 req/sec)