Moody's Assess MISC Q1 2013 Results
MISC Berhad results were slightly lower than the quarter ending December 2012 but were in line with its expectation. For the quarter ending March 2013, MISC reported a marginal 2.3% increase in its revenue from the December quarter mainly due to increase in revenue of in its heavy engineering business. quarter ending December 2012. repairs. segments declined. "MISC's performance should improve in the next few quarters as the company completes the construction of its Gumusut project in July 2013 and the charter rates for its vessels -- especially in petroleum segment- stabilize towards the end of the year" says Vikas Halan, a Moody's Vice President and Senior Analyst. million. MISC's credit metrics continues to improve.
BW Group's 1H Performance Better than Expected
Moody's Investors Service says that operating results of BW Group (Ba2 negative) in 1H 2012 were better than expected, largely because of the higher charter rates achieved by the company for its vessels. "We had expected BW Group's performance to weaken, as many of its vessels were coming off profitable time-charters in 1H and it was increasingly exposed to deteriorating spot-market rates. However, spot rates, especially in the gas carrier segments, either held up or improved," says Vikas Halan, a Moody's Vice President and Senior Analyst. The average time charter equivalent or TCE income per day for BW Group's very large gas carriers and large gas carriers rose over 40% from a year ago. The average TCE for very large crude carriers grew about 5%.
