Malaysia's MISC reports 48% profit drop in Q3

MISC, a Malaysian ship-owner and a unit of state-run Petronas, on November 22 reported a 48% year/year decline in profit for the July-September quarter (Q3) mainly due to lower impairment of non-current assets.

The company's Q3 net profit was 430.4mn ringgit ($92.5mn) versus 820.6mn ringgit a year ago. The revenue fell 6.9% yr/yr to 3.37bn ringgit. 

Despite the profit drop, MISC remains positive on the outlook for the LNG shipping market. The company said that spot rates continued to strengthen in the LNG shipping market in the third quarter of 2023, driven by rerouting of shipments through longer routes due to the geopolitical situation and seasonal demand.

MISC also expects that the growth of global LNG demand and additional LNG infrastructure investments will further support LNG growth in the near term.

The company has a fleet of more than 100 owned and in-chartered vessels comprising LNG and ethane carriers, petroleum and product vessels, floating production systems (FPS), and LNG floating storage units (FSU) with a combined deadweight tonnage capacity of more than 13mn tonnes.