AsiaCorporate

MISC’s third-quarter profit drops on lower LNG earnings

By Mirza Duran
MISC's third-quarter profit drops on lower LNG earnings
Image: MISC

Malaysia’s MISC logged a drop in net profit in the third quarter mainly due to lower revenue coming from its LNG and offshore business.

The shipping firm reported a profit of 258.3 million ringgit ($63.2 million), down almost 3 percent year-on-year.

Revenue also declined 4.1 percent to 2.06 billion ringgit ($503.9 million).

Besides LNG and offshore, MISC attributed the decline due to lower revenue in its petroleum segment affected by the Covid-19 pandemic.

LNG revenue dropped 5.7 percent to 613.5 million ringgit while offshore segment earnings reached 215 million declining 17.4 percent.

Furthermore, MISC said LNG revenue decreased mainly because of lower-earning days following dry-dockings and off-hire of certain vessels in the quarter.

The firm is not much affected by the volatility in spot LNG prices as most of its vessels are on long-term charters.

The Malaysian shipping firm owned by energy giant Petronas operates a fleet of 29 LNG carriers and two floating storage units.

Most Popular

Contracts and Tenders

Technip Energies wins contract for Eni’s Coral Norte FLNG

France-based LNG engineering giant Technip Energies has won a contract for preliminary work on Eni's second FLNG project in Mozambique, Coral Norte (Coral North).
LNG as Fuel

Victrol: LNG London hits bunkering milestone

The Shell-chartered inland bunkering vessel LNG London, owned by a joint venture of Belgium's Victrol and France's Sogestran, has reached a new operational milestone.
LNG as Fuel

Himalaya’s LNG-fueled bulkers earned $34,500 per day in June

LNG-powered bulker owner Himalaya Shipping achieved average time charter equivalent earnings of about $34,500 per day in June.

More News Like This

Vessels

QatarEnergy LNG carrier wraps up trials in China

A 174,000-cubic-meter liquefied natural gas (LNG) carrier, built as part of QatarEnergy's massive shipbuilding program, has completed its trials in China, according to Hudong-Zhonghua.
Corporate

Malaysia’s MISC reports lower LNG earnings

Malaysia’s LNG shipping player MISC, a unit of Petronas, said its LNG business logged a drop in operating profit and revenue in the first quarter of this year. MISC also said LNG carrier spot rates are expected to remain subdued due to the continuous oversupply of vessels.
Vessels

China’s Hudong-Zhonghua delivers its 50th LNG carrier

Chinese shipbuilder Hudong-Zhonghua has delivered its 50th liquefied natural gas (LNG) carrier.
Vessels

QatarEnergy LNG carrier named in China

China’s Hudong-Zhonghua hosted a naming ceremony for one 174,000-cbm liquefied natural gas (LNG) carrier built as part of the massive QatarEnergy shipbuilding program.

2025. © All rights reserved. LNG Prime LLC. 447 Broadway, New York, NY 10013, USA