Petronas Delivers First LNG Cargo to Hokkaido Electric
Malaysian state-owned oilcompany Petroliam Nasional Bhd (Petronas) through its subsidiary, Malaysia LNG (MLNG) delivered its first liquefied natural gas (LNG) cargo to Japan's Hokkaido Electric Power on August 1st, 2018.This delivery marks the beginning of MLNG's supply to Hokkaido Electric via a 10-year Sale and Purchase Agreement (SPA) signed on 2 March 2017.Hokkaido Electric will be utilising the cargo for the commissioning of its LNG tank at Ishikari Terminal. The cargo was delivered from Petronas LNG Complex in Bintulu…
MISC to Spend $4B Capex in 5 Years
MISC Bhd, the shipping arm of Petroliam Nasional Bhd or Petronas, which is optimistic of delivering better earnings in its financial year 2018, is setting aside a bigger capital expenditure (capex) totalling RM15.68 billion (US$4 billion) over the next five years to grow its four core businesses, reports Bernama. The core segments are liquefied natural gas (LNG) shipping; petroleum and product shipping; offshore business; and marine and heavy engineering. President and Chief Executive…
AET Buys Paramount Tankers
American Eagle Tankers (AET), a subsidiary of Malaysian shipping line MISC Bhd, said that it will acquire all the remaining shares of Paramount Tankers, making the latter its wholly owned subsidiary. AET will acquire Golden Energy Tanker Holdings’ 50% stake in Paramount Tankers, a joint venture between the two companies that owns and operates six aframax vessels. AET did not disclose the value of the deal, which is expected to be completed by September this year. AET President & CEO…
MISC Bhd: Revenue Up
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.
MISC-Bumi Armada Merger Soon?
Shipping giant MISC Bhd and oil and gas services provider Bumi Armada Bhd are said to be in merger talk involving the consolidation of the floating production storage offshore (FPSO) businesses of both companies, say local media reports. Petroliam Nasional Bhd (Petronas) owns 62.67% in MISC. As such, investors could be anticipating that Bumi Armada may win Petronas contracts if a deal materialises. If it materialises the consolidation in the FPSO sector will also create a giant in the business.
AET Orders Eight Tanker Newbuilds
AET, an owner and operator of petroleum tankers, has signed contracts worth approximately $500 million combined for the construction of eight new vessels. AET on Tuesday contracted Korean shipbuilder Samsung Heavy Industries Co Ltd (SHI) for four 113,000 dwt Aframax vessels to be delivered in 2018. The shipper then signed an additional contract Wednesday with another Korean builder Hyundai Heavy Industries Co Ltd (HHI) for two 114,000 dwt LR2 product vessels and two 158,000 dwt Suezmax vessels for delivery in 2017.
MISC may Sell AET Tanker Holdings
MISC Bhd is selling AET Tanker Holdings Sdn Bhd, which owns a fleet of 74 crude oil and product tankers, to US-listed Teekay Tankers Ltd, reports local media. AET is a wholly-owned subsidiary of Malaysia's MISC Bhd. and a major global shipowner and operator with a fleet of around 80 tankers including 13 VLCCs, 48 Aframaxes and four Suezmaxes. MISC is a subsidiary of Malaysian energy conglomerate Petronas. “MISC is not in a position to comment on Teekay’s business plans,” the…
Petronas, HHI Novation Agreement with MISC
Malaysia’s MISC Bhd and parent Petroliam Nasional Bhd (Petronas) have agreed to build new liquefied natural gas (LNG) carriers worth US$1.1 billion and charter them to another unit owned by the national oil and gas company for up to 20 years. MISC will also extend its charters of five refurbished LNG carriers to Petronas by another 10 years. In a filing with Bursa Malaysia today, MISC said it has signed an agreement for the novation of shipbuilding contracts with Petronas and shipbuilder Hyundai Heavy Industries (HHI) Co Ltd.
ABS Releases Chemical Tanker e-Learning Package
ABS, a provider of maritime classification services, launched Chem-eL, a specialized training package designed to support safety and competence in chemical tanker operations. Chem-eL is a sector-specific e-learning marine product developed in accordance with the requirements stated in the International Maritime Organization's International Convention on Standards of Training, Certification and Watchkeeping for Seafarers and the relevant IMO Model Course. Developed by ABS in cooperation with Malaysian Maritime Academy (ALAM), a subsidiary of the MISC Bhd.
Malaysia's Petronas to Buy its Own Newbuild LNG Ships
Petronas says that as part of its strategy to optimise the value of its liquefied natural gas (LNG) business, it has decided to directly procure newbuild LNG ships to meet its LNG transportation requirements. The move will allow Petronas to have direct access to LNG shipping capacity at the lowest possible costs. The company adds that they will be engaging MISC Bhd to provide Project Management and Technical Consultancy services for the construction of the new LNG ships, given MISC’s extensive experience and expertise in the LNG shipping sector and familiarity with Petronas’ business needs. Petronas was incorporated on 17 August 1974 as the national oil company of Malaysia, vested with the entire ownership and control of the petroleum resources in the country.
ABS Elects New Council and Committee Members
• Angeliki N. • Michael Wyllie, Offshore Energy Development Corporation/SBM Offshore N.V. • William T. • Capt. • Dr. Bo Cerup-Simonsen, A.P. • Joseph J. • Soli Engineer, Executive Director, Great Offshore Ltd. • RADM Philip H. Greene, Jr., Superintendent, U.S. • Hiroshi Kato, President, Toyo Shipping Line Co., Ltd. • Naresh Kumar, Chairman & Managing Director, Deepwater Drilling & Industries Ltd. • Lee, Jai-Seong, President & CEO, Hyundai Heavy Industries Co., Ltd. • VADM H. S. Malhi, AVSM, VSM, Chairman & Managing Director, Mazagon Dock Ltd. • John “Jack” D. • Ted C. • Capt.
MISC Unit Buys 4 Tankers
MISC Bhd said its wholly-owned unit, AET Inc Ltd, signed a contract with Samsung Heavy Industries for the purchase of four new 158,500-dwt Suezmax tankers at a cost of $67.8m each, according to a report in the Malaysia Star. The Suezmax tankers, to be built at Samsung Geoje shipyard, will become AET’s first owned Suezmax class vessels. (SOURCE: Malaysia Star)
MISC Boosts Reports Q4 Profit
Malaysian liquefied natural gas shipper MISC Bhd reported a 10 percent jump in fourth-quarter net profit on Monday, boosted by its heavy-engineering unit and offshore businesses. But the firm, a unit of state oil company Petronas, painted a tough outlook, saying its results could be hurt by record crude oil prices, which were pushing up its bunker fuel costs, and by weaker markets for both LNG and containers. The firm made net profit of $241m for the three months ended March 31, compared with $219.5m a year earlier, largely thanks to continued growth of its heavy-engineering unit, which makes oil rigs. Its core energy-related shipping business reported an 11 percent fall in annual operating profit. Source: Reuters
Eagle Turin Delivered to AET
Tanker owner-operator AET welcomed the newest addition to its rapidly growing fleet with the naming and delivery of the 107,000 dwt Eagle Turin at the Imabari Shipyard at Koyo Dockyard in Japan. Eagle Turin, which will fly the Singapore flag, becomes the 49th aframax vessel operated by AET and brings the company’s total fleet of tankers to more than 70. Guests of honour at today’s naming ceremony were Andy Viens, General Manager Global Marine for AET customer ConocoPhillips, and his wife Linda Viens.
MISC Confirms 4-Tanker Order
MISC Bhd said its wholly-owned subsidiary AET Inc Ltd has confirmed its order for four 107,500 dwt Aframax tankers from Japan's Tsuneishi Corp for US$260 million. The first tanker will be delivered in 2009 and the remaining three will be delivered in 2010, it said in a statement. MISC, a subsidiary of national oil company Petronas, said the order was in line with AET's commitment to be one of the premier petroleum logistics provider in the world. (Source: www.bernama.com.my)
MISC Buys Aframax Tankers
MISC Bhd has bought four Aframax tankers from Japan's Tsuneishi Corp for $260m. The first unit of the 107,500-deadweight tonnage (DWT) tankers will be delivered in 2009, while the rest in 2010, MISC said in a statement. It added that the continuous expansion of MISC's petroleum fleet under American Eagle Tankers (AET), supported by regional offices in London, Singapore and Houston will provide it with the critical mass to better serve its customers globally. It also took delivery of its eighth 300,397-DWT very large crude carrier (VLCC) from Universal Shipbuilding Corp of Japan for some $65m. MISC said the delivery of the VLCC, which has a capacity of carrying 340,000 cu m of crude has increased its fleet size to 109 vessels.
MISC Investing to Increase Fleet
MISC Bhd is investing to increase its fleet size by an additional 23 energy and chemical tankers and a containership, the company said The tankers include seven liquefied natural gas (LNG) tankers, eight chemical tankers, eight Aframax-class and very large crude carriers (VLCCs). The shipping company, which owns and operates the world’s largest LNG tanker fleet with 22 units, also has in its fleet 21 container vessels, 13 chemical tankers and 49 oil tankers. A company official said the expansion of the company’s fleet was for its business expansion. Source: Bizedge
MISC Sees Soft Shipping Rates Ahead
MISC Bhd expects freight rates for crude oil to remain soft over the next two years as competitors put more new tankers to sea. MISC earns 90% of its profits from shipping oil and liquefied natural gas (LNG). A subsidiary of Petroliam Nasional Bhd (Petronas), the world's largest carrier of LNG. LNG is shipped under long-term contracts, but MISC still faces significant exposure to oil freight rates, with crude oil tankers accounting for 40% of its profits. The IMO requires single hulled tankers to be phased out by 2010 to reduce the risk of oil spills. But the move has yet to make a dent in the world's fleet of oil tankers as more new tankers are launched. The Baltic Exchange's Dirty Tanker Index stands about 60% lower than its historic peak in November 2004.
MISC Fears Soft Rates Ahead
Malaysian shipper MISC Bhd expects freight rates for crude oil to remain soft over the next two years as competitors put more new tankers to sea, Reuters reported. MISC earns 90 percent of its profits from shipping oil and liquefied natural gas. A subsidiary of state oil firm Petronas, it is the world's largest carrier of LNG. LNG is shipped under long-term contracts, but MISC still faces significant exposure to oil freight rates, with crude oil tankers accounting for 40 percent of its profits. The International Maritime Organization requires single hulled tankers to be phased out by 2010 to reduce the risk of oil spills. But the move has yet to make a dent in the world's fleet of oil tankers as more new tankers are launched.
Fabricators in Danger of Losing Out on Oil Rig Boom
According to the Edge Daily, Malaysia oil rig fabricators need to upgrade their services and technology or lose out on fast-growing global demand for shallow, deep-water and ultra-deep oil rigs, an industry researcher said. The industry estimates expect some 15 new rigs and 70 platforms to be installed in the next five years alone to cater to the Malaysian deepwater sector, according to Maritime Institute of Malaysia (MIMA) research. The major local players are MISC Bhd subsidiary Malaysia Marine & Heavy Engineering Sdn Bhd (MMHE), Sime Darby Bhd subsidiary Sime Darby Engineering Sdn Bhd, Muhibbah Engineering (M) Bhd and Ramunia Holdings Bhd. Source: The Edge Daily
MISC Reports Better 3Q
MISC Bhd reported a better third quarter on sale of ships and expects demand for oil rigs to counter weak shipping charges, reported the Business Times. The company, a subsidiary of state oil and gas firm Petroliam Nasional Bhd, also stressed that its long-term contracts to carry liquefied natural gas (LNG) would help buffer earnings. The company made a net profit of RM944.48 million for the quarter to December 31 2006, up 17.6 per cent from RM803.17 million in the previous corresponding quarter. The net profit was boosted by a gain from the sale of ships. According to its website, MISC owns 21 container ships, 13 chemical tankers, 45 oil tankers and 23 LNG carriers. It has ordered a container ship, 11 oil tankers, eight chemical tankers and six LNG carriers.
MISC Orders Tankers
Malaysian shipping line MISC Bhd has ordered eight chemical/product oil tankers worth $430m from South Korea's SLS Shipbuilding Co. Ltd, MISC said. The first three tankers will be delivered in 2009 and the remaining five in 2010, it said in a statement. Source: Reuters
MISC Sees Growth Opportunities
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.