Malaysia International Shipping Corporation Berhad 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.

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.