MISC Profit Plunges
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.
Great Ships of 2016: Seri Camellia
Since it started publishing in 1939, Maritime Reporter & Engineering News has recognized excellence in ship construction. Seri Camellia is the first in a series of five 150,200 cu. m. Liquefied Natural Gas (LNG) MOSS-Type LNG carriesr built for MISC Berhad (MISC), ordered from Hyundai Heavy Industries Co., Ltd. (HHI). Upon delivery, these new LNG Carriers will be chartered to PETRONAS for the next 15 years. It is a historic occasion for MISC as Seri Camellia will be part of the new generation of the Seri C Class LNG fleet…
Grand Alliance Extends Cooperation for 10 Years
The Grand Alliance, founded in 1998, is an integrated consortium in container liner shipping. Its members are Hapag-Lloyd, MISC Berhad, Malaysia, Nippon Yusen Kaisha (NYK), Japan, and Orient Overseas Container Line (OOCL), Hong Kong. The four member lines have extended their cooperation for ten more years. The member lines of the Grand Alliance are continuing their successful cooperation, and today Adolf Adrion, Executive Board member of Hapag-Lloyd AG, Niels Kim Balling, Vice-President of Liner Business, MISC Berhad, Minoru Sato, Representative Director and Executive Vice-President of NYK, and Philip Chow, Chief Executive Officer of OOCL, have signed an agreement extending their cooperation up to 2017.
Grand Alliance Re-routes EU3 Service
Grand Alliance members Hapag-Lloyd, MISC Berhad, Nippon Yusen Kaisha (NYK) and Orient Overseas Container Line (OOCL) will re-route all eastbound EU3 service vessels around the Cape of Good Hope, instead of transiting the Suez Canal. Presently there are no changes planned for the westbound trade. The decision, which takes place with immediate effect, is in response to high Suez Canal toll fees, which are difficult for carriers to afford in the current economic environment. Port rotation of EU3 remains the same: Southampton / Hamburg / Rotterdam / Port Kelang / Singapore / Shekou / Hong Kong / Ningbo / Shanghai, with an extra seven days added to the schedule due to the diversion. 10 ships of 8,000+ TEUs are operating on the service.
Grand Alliance, Zim Cooperate on Route
Grand Alliance members Hapag-Lloyd, Nippon Yusen Kaisha (NYK) and Orient Overseas Container Line (OOCL) and Zim Integrated Shipping Services have agreed to cooperate on service from South China to US East Coast via the Panama Canal. The joint operation is expected to take effect in April, subject to filing with the Federal Maritime Commission (FMC). New port rotation of the South China East Coast Express (SCE) service is Kaohsiung – Shekou – Hong Kong – Kingston – New York – Norfolk – Savannah – Kaohsiung on a 56 day round trip. The new service will consist of eight vessels of 4,200 TEU. Grand Alliance will provide five vessels and Zim will provide three vessels. The Grand Alliance, formed in 1998, is an integrated consortium in global container shipping.
Grand Alliance Contract Extended
The Grand Alliance, founded in 1998, is the leading integrated consortium in container liner shipping. Its members are Hapag-Lloyd, MISC Berhad, Malaysia, Nippon Yusen Kaisha (NYK), Japan, and Orient Overseas Container Line (OOCL), Hong Kong. The four member lines have today extended their cooperation for a further term of ten years. The member lines of the Grand Alliance are continuing their successful cooperation, and today Adolf Adrion, Executive Board member of Hapag-Lloyd AG, Niels Kim Balling, Vice-President of Liner Business, MISC Berhad, Minoru Sato, Representative Director and Executive Vice-President of NYK, and Philip Chow, Chief Executive Officer of OOCL, have signed an agreement extending their cooperation up to 2017.
Technip, Daewoo Consortium Wins FLNG Contract
According to a Feb. 4 report from Offshore-mag.com, a consortium of Technip and Daewoo Shipbuilding & Marine Engineering Co Ltd. has won a contract from Petroliam Nasional Berhad and MISC Berhad for front-end engineering and design of a floating liquefied natural gas vessel. (Source: Offshore-mag.com)
Moody’s Places MISC Berhad’s Baa2 Issuer Ratings on Review
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.
MISC, AET Fleets Merger
International energy logistics group MISC Berhad announced that it is to merge its chemical fleet with the clean petroleum products (CPP) fleet operated by its wholly owned petroleum subsidiary, AET. Under the new arrangement, AET will take over the 13 chemical vessels and one LPG tanker currently owned/operated by MISC and combine them with its own fleet of eight CPPs to create a new, single entity. Announcing the move, MISC President/Group CEO, Yee Yang Chien, said, “There are significant synergies to be gained from merging the two fleets and creating a consolidated products business.
Joint Black Sea Service Suspend
The New World Alliance (TNWA) –Mitsui OSK Lines (MOL), APL, and Hyundai Merchant Marine (HMM) – and Grand Alliance (GA) – Hapag-Lloyd, MISC Berhad, Nippon Yusen Kaisha (NYK), and Orient Overseas Container Line (OOCL) –announced on Feb. 3 the suspension of their joint Black Sea service, the EBX (East-Mediterranean/Black Sea Express). The EBX has been operating since mid-June 2008 and deployed eight ships, each with a capacity of 5,000 TEU. The last westbound sailing of the EBX will depart Shanghai on February 12, 2009. (www.MOLpower.com)
MISC Signs up Entire LNG Fleet for ECDIS Training
MISC Berhad has chosen eMaritime Group's ACAT online courses as its ECDIS type specific continuous personal development training solution. The agreement has enabled MISC to sign up its entire fleet of liquefied natural gas (LNG) carriers while being able to effortlessly monitor all students progress themselves via an online portal on the three different systems throughout their fleet; namely JRC 901, JRC 9201 and FURUNO FEA. ECDIS Annual Competency Assurance Training (Or ACAT)…
MISC Withdraws from Far East Services
The shipping line MISC Berhad (Kuala Lumpur, Malaysia) has informed the partners in the Grand Alliance that it will withdraw from services between Europe (incl. Mediterranean) and the Far East with effect from January 1st 2010. MISC does not operate with the Grand Alliance on the Transpacific or Transatlantic trades. The withdrawal of MISC will not affect sailing frequencies, transit times or service structures. The fleet deployed by the Grand Alliance comprises about 140 vessels with capacities of between 2.900 and 9.000 TEU. MISC has so far provided seven units of these. “We will be replacing these ships in the context of our normal cascading,” stated the Grand Alliance. (www.hapag-lloyd.com)
MISC Berhad Chooses Immarsat XpressLink for Fleet
Inmarsat wins contract with Malaysian shipping giant MISC to outfit 46 ships with XpressLink SatCom systems. The XpressLink solution from Inmarsat is a fully integrated and managed combination of VSAT and market-leading FleetBroadband(TM) delivering unlimited data availability across the world's oceans. It includes an option for MISC Berhad to double its available bandwidth at a pre-determined monthly rate when Inmarsat's Global Xpress(R) constellation becomes commercially available from 2014. Inmarsat XpressLink combines Inmarsat's high volume Ku-band VSAT system with the versatility of FleetBroadband in a single package. The integration…
MISC Says AET Tankers Unit Not for Sale
MISC Berhad issued a statement today addressing recent market speculation that the company is set to sell its wholly owned petroleum tanker subsidiary AET Tankers. The statement comes in response to now disconfirmed media reports that stated MISC was looking to sell AET to Teekay. Malaysian-headquartered AET operates a fleet of approximately 80 owned and chartered vessels, with one DP2 shuttle tanker scheduled to be delivered this year.
MISC Q2 Net Profit Down 59%
Malaysian shipping line MISC Berhad has recorded a 58.7% drop in its earnings for the second quarter of this year compared to the previous corresponding quarter. The company announced a net profit of RM 556.5mln in its quarter ending June 30, 2017, compared to RM 1.34bln in the last corresponding quarter. The decrease in profit was in part owing to an impairment loss on ships, property, plant and equipment of RM 133.6mln. Group revenue for the quarter ended 30 June 2017 of RM 2.303 bln was 3.8% lower than the corresponding quarter’s revenue.
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.
Grand Alliance Pacific North West Trade
Grand Alliance members Hapag-Lloyd, Nippon Yusen Kaisha (NYK) and Orient Overseas Container Line (OOCL) announced on Feb. 18 that they will cooperate with ZIM in two strings in the trans-Pacific trade, with immediate effect. The scope includes North China and Japan, South China, South East Asia to Canada and US North West Coast (NWX and PNX services). The services will operate on a weekly basis with a round voyage time of 42 days (PNX) and 35 days (NWX) respectively. ZIM will provide 3 x 8,000+ TEU vessels from July onward and the Grand Alliance will provide 8 x 8,000 TEU vessels. With this cooperation, the Grand Alliance and ZIM are committed to improving services for our customers by offering enhanced efficiency…
AET Tankers Unveils Names of LR2 Duo
AET has unveiled its two new long-range (LR2) petroleum tankers from Hyundai Heavy Industries (HHI) at HHI’s Gunsan Shipyard, Korea, on Thursday, 8 June 2017. The Singapore flagged 114,000dwt Eagle Lyon and French-flagged Eagle Le Havre, are owned by AET, and have been taken on long-term charter by French oil major TOTAL. The sister vessels were ceremonialised at a naming ceremony in Gunsan, which was graced by Yee Yang Chien, AET Chairman and President/Group CEO of MISC Berhad, and Capt.
Grand Alliance Restructures Asia/North Europe EU2 Service
The Grand Alliance member lines, Hapag-Lloyd (HL), MISC Berhad. early 2007. offering nine ships for a 63 days turnaround time service. improve the schedule reliability. future. Gioia Tauro-Jeddah-JebelAli-Singapore-Kaohsiung.
Tankship Blaze Alongside PETRONAS Terminal Labuan
MISC Berhad (MISC) confirms that a fire broke out onboard its 38,000 DWT chemical/palm oil tanker, Bunga Alpinia The vessel was alongside the PETRONAS Chemicals Methanol Sdn Bhd terminal in Labuan when the incident took place. The ship has 29 crew members, of which 23 are Malaysians and 6 Filipinos. At present (26, July 2012), 24 have been safely brought ashore whilst 5 are still unaccounted for. No further details of the incident are available at this point in time. There is media speculation that an explosion on board was caused by lightning.
Moss-Type LNG Carrier Joins MISC Berhad's Fleet
Malaysia’s MISC Berhad (MISC), a world leading energy related maritime solutions and services provider has taken delivery of Seri Cempaka, the third in a series of five Moss-Type Seri-C Class Liquefied Natural Gas (LNG) carriers. The 150,200 CBM LNG carrier has been built for MISC by Hyundai Heavy Industries (HHI), and benefits from an Integrated Hull Structure (IHS) with four spherical tanks shielded by a continuous cover, fortifying the vessel to allow for operation in even the harshest marine environments.
MISC Enters Thai Offshore O&G Market
Energy related maritime solutions and services provider MISC Berhad (MISC) has made inroads into Thailand’s offshore oil and gas market for the first time. MISC’s wholly-owned subsidiary, MISC Offshore Floating Terminals (L) Limited (MOFT) signed a contract for the lease and operations of a Floating, Storage and Offloading Vessel (FSO) for the FSO Benchamas 2 Project by Chevron Offshore (Thailand) Ltd. (COTL) in the Gulf of Thailand. The contract was secured through an international competitive bidding process and marks MISC’s maiden foray into Thailand’s offshore oil and gas market.
Grand Alliance Enhances Routes
response to the increasing cargo volume. service loop, and an additional eighth vessel will be deployed for the service. deployed in EUM will be in an average capacity of approx. present 4,400 TEU. The enhanced service will begin in week 25 of 2007. of 56 days. The Grand Alliance is an integrated consortium in global container shipping. (Hong Kong).