MISC’s LNG revenue up in second quarter

MISC's LNG revenue up in second quarterImage courtesy of MISC

Malaysian LNG shipper, MISC reported a 15.8 percent increase in liquefied natural gas revenue for the second quarter of 2017, in comparison to the corresponding period a year ago. 

According to the company’s quarterly report, LNG revenue reached 730 million ringgit ($170.2 million) compared to 630.4 million ringgit in Q2, 2016.

The rise has been attributed to the lease commencement of two new vessels, MISC said in its report.

The LNG operating profit for the quarter rose to 557.7 million ringgit from 251.7 million ringgit in 2016, mainly due to the recognition of compensation for early termination of a time charter contract and lease commencement of two new vessels.

Speaking of the results for the first six months of 2017, MISC reported a 12.4 percent rise in LNG revenue reaching 1.47 billion ringgit ($344.4 million), impacted positively by the lease commencement of two new vessels and higher earning days.

LNG operating profit for the first half of 2017 dropped 11.2 percent to 887.7 million ringgit from 999.5 million ringgit, MISC said.

The company added that the shipping market continues to be affected by newbuilds delivery and expiry of older vessel charters, which has depressed spot rates.

However, MISC believes this will have limited impact on the company’s LNG business due to its portfolio of long term charters in place.

1 MYR = 0.233217 USD

Share this article

Follow LNG World News

Posted on August 9, 2017 with tags .


<< Jan 2018 >>
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31 1 2 3 4

Singapore Maritime Technology Conference and Exhibition (SMTC) 2018

The 3rd Singapore Maritime Technology Conference and Exhibition (SMTC) 2018…

read more >

CWC Japan LNG & Gas Summit

The inaugural CWC Japan LNG & Gas Summit, with participation and support from METI, JERA, Tokyo Gas and IEEJ, is the dedicated platform for international suppliers…

read more >

Asia Pacific Maritime and Offshore Exhibition 2018

7 years in the making, APM is the premier shipbuilding & marine, workboat and offshore exhibition in Asia…

read more >

CWC 2nd Papua New Guinea Petroleum & Energy Summit

The 2nd CWC Papua New Guinea Petroleum and Energy Summit is held under the patronage of the Prime Minister of Papua New Guinea…

read more >