Malaysia International Shipping Corporation News

Malaysia International Shipping Corporation Berhad (MISC) announced that its wholly-owned subsidiary, AET Tanker Holdings Sdn Bhd, has been awarded long-term charter contracts for three newbuilding Suezmax DP2 Shuttle Tankers from Petróleo Brasileiro S.A. – Petrobras of Rio de Janeiro, Brazil.AET, the petroleum shipping unit of MISC and specializes in the global ocean transport of petroleum, will own and operate the newbuilding Suezmax DP2 Shuttle Tankers for operations in Brazilian and international waters.The estimated contract value is USD525.6million and the charter is expected to commence in 2022, said a release.The new long-term…

Malaysia International Shipping Corporation Berhad (MISC) said that its unit  AET Tanker Holdings Sdn Bhd has secured long term contracts for three Suezmax class Dynamic Positioning Shuttle Tankers (DPST) by Brazil Shipping I Ltd for RM1.01 billion (US$245 million).AET will own and operate these newbuilding Suezmax Class DPSTs for operations in international and Brazilian waters. The charter is expected to commence in 2022.According to a press note from the international shipping line of Malaysia, these long-term time charter contracts will further reinforce AETs position as one of the global market leaders in the niche DPST market in addition to fortifying its position as amongst the world’s leading international petroleum shipping solutions providers.Yee Yang Chien…

Malaysia International Shipping Corporation Berhad (MISC)'s net profit plunged 87.1% to RM 68.2 million (USD 17.36 mln) for the fourth quarter ended December 31, 2017 compared with RM 529.8 million (USD 134.88 mln) in the previous corresponding period. MISC said the oversupply of tonnage and cut in global oil production by OPEC in 2017 will continue to weigh on the petroleum shipping segment in 2018. However, a smaller order book for tankers and robust oil demand projections amidst declining global crude inventory will help improve tanker supply-demand balance. “Similarly, the liquid natural gas shipping segment faces an ongoing tonnage oversupply situation and the difficult market will persist in 2018.

Malaysia International Shipping Corporation Berhad (MISC Berhad), a shipping arm of Petronas, has seen an increase of 12.3 percent in its net profit for the 2015 full year financials when compared to 2014. The liquefied natural gas (LNG) shipper said the higher earnings compared with RM2.04bil from a year ago were supported by the 17.3% rise in revenue. Revenue increased to RM10.91bil from RM9.29bil while group operating profit jumped 54.1% to RM2.84bil from RM1.84bil a year ago. The company said its energy related shipping (ERS) revenue of RM2.05bil was 31.8% higher than the corresponding quarter’s revenue of RM1.55bil, mainly from improved freight rates in the petroleum business. It announced a higher dividend of 22.50 sen for the fourth quarter compared with six sen a share.

The Floating Storage Unit (FSU) Yoho FSO (ex N’kossa 1) was successfully re-delivered in September 2004 by Malaysia’s Malaysia Shipyard & Engineering (MSE) to SBM-IMODCO for Exxon Mobil Development Company (EMDC), who acted as project manager on behalf of owner, Mobil Producing Nigeria Unlimited (MPN), after undergoing extensive upgrading, life extension and refurbishment work. The FSO will be moored in the Yoho Oil Field, offshore Nigeria. It is capable of producing up to 165,000 barrels/day and accommodate tankers up to 310,000 dwt. It was refurbished to allow effective utilisation of the unit for a further 15 years uninterrupted service on site.

Reportedly the world´s largest full spade rudder, engineered by Becker Marine Systems, has been recently been successfully installed on the first of a series of 8,400 TEU container vessels currently building at Daewoo Shipbuilding & Marine Engineering (DSME) in South Korea. The vessel is owned by Norddeutsche Vermögen and will be chartered to Hapag Lloyd. The installed twisted TLKSR® rudder measures 67 m2 and is designed for a speed of about 26 knots. Becker’s TLKSR Twisted Leading Edge rudders are designed to avoid rudder induced cavitation erosion that can damage conventional semi-spade rudders on these fast vessel types. In 2005 Becker Marine Systems, whose head office is located in Hamburg, Germany, will supply more than 36 TLKSR rudders for large and fast vessels worldwide.

Natural gas importer Petronet LNG Ltd (PLL) plans to float a shipping subsidiary overseas to haul gas to its greenfield re-gassification terminal of 2.5 million tonnes per annum capacity proposed at Kochi in Kerala. The diversification plan has been unveiled in the tender conditions stipulated by Petronet for selecting ship owners and operators for transporting LNG to the Kochi terminal. This is a departure from the first two shipping tenders finalized by Petronet for hauling gas from RasGas in Qatar to Dahej in Gujarat, wherein it holds a 15 percent stake each in the first two tankers and 23 percent stake in the third tanker. The recent tender floated by Petronet for time chartering two LNG tankers of 165…

Xantic has announced the signing of a contract with Malaysia International Shipping Corporation Bhd (MISC). The agreement will see Xantic provide consultancy, training, support, software installation and airtime as part of a major business transformation process currently being implemented by MISC. The contract between Xantic and MISC is worth US$10 million over two years. The catalyst for the agreement was MISC’s decision to refocus its business in line with its vision of becoming “the preferred supplier of world class maritime transportation and logistics services”. Started in 1997, the final phase of this project is now underway in the form of implementing the operational systems within the entire MISC organisation and its fleet.

The delivery of Puteri Intan Satu, on August 29, to Malaysia International Shipping Corporation (MISC) marked the arrival of the 40th LNG ship into Lloyd’s Register’s LNG fleet. Puteri Intan Satu, built by Mitsubishi Heavy Industries (MHI), has a cargo capacity of 137,489m3 and utilises the Gaztransport and Technigaz No. 96 E-2 membrane containment system. Lloyd’s Register Marine Director, Alan Gavin, said: “The delivery of Puteri Intan Satu into MISC’s fleet from MHI demonstrates a commitment to the LNG industry and to quality shipping. MISC and MHI should be congratulated on their continued demonstration of excellence in the field of LNG. We look forward to working closely with MISC in developing its fleet further, through our provision of effective business solutions.”

Moody's Investors Service has placed the Baa2 foreign and local currency issuer ratings of Malaysia International Shipping Corporation Berhad (MISC) on review for possible downgrade. requirements. secured debt. This may lead to legal and structural subordination for creditors at the MISC level. incurred, it will in fact lead to structural and/or legal subordination for unsecured creditors at the MISC level. Moody's will take a close look at the structure of the new financing and assess the impact of such on the financial profile of MISC.

Moody's Investors Service has assigned Baa2 foreign currency and local currency issuer ratings to Malaysia International Shipping Corporation Berhad (MISC). The outlook for the ratings is stable. The ratings of MISC are assigned on a stand-alone basis. Moody's ratings reflect the strong and stable cash flow of MISC derived from long-term contracts. The long-term nature of these contracts ensures MISC a stable revenue stream. Moody's recognises that the LNG shipping contracts of MISC for MLNG and MLNG2 are long-term contracts on a "take-or-pay" basis. Moody's further expects MISC to enter into similar long-term "take-or-pay" contracts for MLNG3. The inherently highly profitable LNG business, which reflects high demand for LNG, in Moody's opinion, is likely to persist for some time.

Malaysia International Shipping Corporation Berhad (MISC) will acquire Neptune Orient Lines’s American Eagle Tankers (AET). The acquisition will provide MISC with an additional fleet of 29 Aframax tankers (22 owned and 7 chartered-in) and 2 Very Large Crude Carriers (VLCC). This will effectively increase MISC’s fleet to 37 Aframax tankers and 3 VLCCs (MISC presently has 8 Aframax tankers and 1 VLCC). In addition, AET has contracted for 3 Aframax and 3 VLCC new-builds and plans to charter-in 1 Aframax newbuild, while MISC has contracted for 4 additional Aframax and 1 VLCC newbuilds. Including newbuilds and charter-ins, the combined fleet totals 53 crude oil carriers.With the acquisition, MISC will be the second largest combined Aframax fleet in the world.