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MISC said in its first-quarter financial report on Monday that long-term charter rates for LNG carriers rose modestly in early March, driven by heightened geopolitical tensions in the Middle East.
Spot Atlantic LNG carrier rates were approximately at $100,000 per day last week, while Atlantic rates were at $64,000 per day.
Meanwhile, steam LNG carrier rates are expected to remain subdued as charterers continue to favor more efficient and modern tonnage, MISC said.
MISC said its gas assets and solution business, which includes a fleet of LNG and ethane carriers, “continues to focus on advancing its fleet rejuvenation strategy through the delivery of modern and efficient LNGCs and securing new long-term charters.”
“In parallel, the segment continues to implement strategic measures for vessels currently off charter, including lay-ups to optimize costs, monetization of assets to redeploy capital, and the exploration of redeployment opportunities,” it said.
MISC is one of the largest operators of LNG carriers and most of them are on long-term charters.
According to MISC’s website, it operates a fleet of 31 LNG carriers, including steam LNG carriers and five as part of joint ventures. It also has one chartered LNG bunkering vessel.
In addition to its operational vessels, MISC has LNG carriers on order, including its most recent orders for five LNG vessels at China’s Hudong-Zhonghua, which will serve 20-year charter deals with Petronas.
MISC also ordered its first LNG FSRU in South Korea, which will serve the planned Petronas Gas’ RGT-3 terminal in Malaysia.
LNG revenue down
MISC said its gas assets and solution business posted first-quarter revenue of 394.4 million ringgit ($99.7 million), a drop of 38 percent compared to the same period in 2025.
MISC attributed the drop to no construction revenue recognized in the current quarter and lower earning days resulting from vessels
disposal, vessels lay-up, and lower charter rates
Moreover, MISC’s gas assets and solution business reported operating profit of 214.2 million ringgit in the first quarter.
Operating profit decreased by 29.5 percent compared to the same period in 2025 due to lower revenue.
MISC said its group revenue of 2,891.4 million ringgit in the first quarter was 2.7 percent higher year-on-year mainly due to higher revenue from the petroleum and product shipping segment, while operating profit of 766.8 million was 10.5 percent lower year-on-year due to lower revenue in the gas assets and solutions segment.
