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MISC profit sinks 11.8pc, but hopes ballast regulations will boost LNG sales
MALAYSIA International Shipping Corporation (MISC) Group posted an 11.8 per cent year on year profit decline in 2016 to MYR2.45 billion (US$550.12 million) drawn on revenues of MYR9.59 billion.
Fourth quarter group pre-tax profit came in at MYR666.6 million, drawn on quarterly revenues of MYR2.51 billion, down 24 per cent.
MISC president and CEO Yee Yang Chien said new ballast water treatment regulations will accelerate scrapping, giving rise to new ships needing clean LNG fuel, the movement of which has become a core business.
"On the LNG front, global LNG supply is expected to increase 14 per cent with the completion of new liquefaction plants in 2017," said Mr Yee.
"Despite the increase in gas supply, demand for LNG shipping is expected to remain sluggish as the tonnage oversupply situation will continue to persist as a result of higher vessel deliveries," he said.
Mr Yee said he expects growth opportunities, adding that the company has the resources to exploit them.
"Our priorities remain unchanged and the future growth of MISC will be guided by our five-year business strategy towards attaining a sustainable level of secured profits by 2020," he said.
Fourth quarter group pre-tax profit came in at MYR666.6 million, drawn on quarterly revenues of MYR2.51 billion, down 24 per cent.
MISC president and CEO Yee Yang Chien said new ballast water treatment regulations will accelerate scrapping, giving rise to new ships needing clean LNG fuel, the movement of which has become a core business.
"On the LNG front, global LNG supply is expected to increase 14 per cent with the completion of new liquefaction plants in 2017," said Mr Yee.
"Despite the increase in gas supply, demand for LNG shipping is expected to remain sluggish as the tonnage oversupply situation will continue to persist as a result of higher vessel deliveries," he said.
Mr Yee said he expects growth opportunities, adding that the company has the resources to exploit them.
"Our priorities remain unchanged and the future growth of MISC will be guided by our five-year business strategy towards attaining a sustainable level of secured profits by 2020," he said.
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