MISC Berhad tanker arm sees profits dive
Malaysian shipowner’s petroleum tanker profits slump 90%.
MISC Berhad has seen the performance of its tanker arm nose dive with a 90% slump in profits in the first quarter due to the weak tanker market.
“The crude tanker market had a sluggish start to 2021, with rates still suffering from the continuing oil production cuts by the Opec+ alliance,” MISC said.
“Although tanker rates for smaller vessels are rebounding, some of the larger tankers continue to record low freight earnings.”
The firm said its petroleum and product shipping arm achieved an operating profit of just MYR 34.4m ($8.3m), down from the MYR 336.5m seen last year.
Overall revenue for the company fell by 35.5% on the returns posted in the first three months of 2020.
