MISC makes less due to smaller fleet

MISC has made less in the fourth quarter but still managed to post a higher annual profit.

The Malaysian tanker owner booked after-tax profit of MYR 499.7m ($112.5m), against MYR 752.4m in the corresponding quarter of 2015.

The company explained that the disposal of two LNG carriers along with lower charter rates contributed to its smaller profit.

For the full year, MISC reported earnings of MYR 2.8bn, higher than the MYR 2.5bn figure a year earlier.

MISC expects its petroleum shipping segment to come under pressure in 2017 while LNG demand is projected to grow.

Its offshore vessel fleet is locked into long-term contracts, the company added.