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LNG Business Softens MISC Berhad s Drop in Revenue
Malaysia s MISC Berhad delivered an increase in operating profit for the quarter ended September 30, 2019, while reporting a drop in its revenue.
Group revenue for the period was at MYR 2,147.8 million, 3.7% lower compared to the corresponding quarter s revenue of MYR 2,229.2 million. The decrease was due to a one-time reimbursement cost on towing and installation of a project in the offshore segment recognised in the corresponding quarter. Revenue for heavy engineering segment also decreased resulting from post sail away projects and lower cost plus revenue following completion of the main contract in the current quarter. Petroleum segment recorded lower revenue due to the lower number of operating vessels in the current quarter.
However, the drop in revenue was softened by the uplift in the LNG business segment which was contributed by higher number of operating vessels in the current quarter following lower dry-dockings and acquisition of two LNG carriers, each in December 2018 and January 2019.
The company said that its operating profit reached MYR 376.4 million, MYR 21.9 million higher than the corresponding quarter s profit of MYR 354.5 million due to the higher margin on freight rates in the petroleum segment as well as higher revenue contribution from the LNG business segment.
"The strength and resilience of our core businesses have contributed, once again, to MISC s stable financial performance for this quarter and will pave the way towards a positive financial close in 2019," Yee Yang Chien, President/Group CEO of MISC Berhad, said.
"We are hopeful of ending financial year 2019 on a high note with a few more projects secured, after our successful tender for the LNG tanker time charter contracts with SeaRiver Maritime (a wholly-owned subsidiary of Exxon Mobil Corporation) for 2 vessels for a period of 15 years," Yee added.
Petroleum tanker rates have spiked in the recent months on strong seasonal fundamentals and reinforced by geopolitical factors, with freight rates likely to remain robust in the fourth quarter.
The petroleum shipping segment will reap the benefits of the robust albeit volatile market and is expected to end the year on a firmer note.
Similarly, in the LNG shipping segment, a surge in spot rates has raised expectation that the ground is being laid for a robust winter market.
Tonnage availability remains low and increased U.S. liquefaction capacity is expected to drive spot rates further in the coming months, MISC noted.Posted On:13-Nov-2019
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South Korea Reclaims Shipbuilding Throne in October
South Korean shipbuilders have reached the top spot in global shipbuilding orders on the back of a strong LNG carrier segment, Yonhap News Agency cited industry data.
The country reclaimed the first place in October after local shipyard, led by Hyundai Heavy Industries, secured orders for the construction of 17 ships totaling 1.29 million compensated gross tons.
The number represents 86 percent of the orders placed around the world, Yonhap reported citing Clarkson Research Services. This is the first time during 2019 that South Korea signed over 1 million CGTs in monthly orders.
The country s rival, China, which topped global shipbuilding orders in September, won a total of eight shipbuilding orders with a total of 150,000 CGTs in October.
During the first ten months of 2019, South Korean shipbuilders signed orders worth USD 15.9 billion, totaling 6.95 million CGTs, therefore moving ahead of their Chinese counterparts who secured USD 13.6 billion worth of orders with a total of 6.11 million CGTs.
South Korea has a clear dominance in the LNG carrier segment, with local media reporting that the country s shipyards secured 32 of 35 orders placed for LNG carriers so far this year.Posted On:13-Nov-2019
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Carnival Boosts Its Ethics and Compliance Team
Miami-based Carnival Corporation has strengthened its environmental compliance team with new appointments.
Namely, the company announced seven new hires and internal promotions as part of the development of its new ethics and compliance function, first announced in August 2019 and led by Peter Anderson, chief ethics and compliance officer.
The additions include three new corporate compliance leaders reporting directly to Anderson, who is building an extensive ethics and compliance program to drive a culture of compliance, learning and integrity inside the corporation and across its nine global cruise line brands.
"Compliance and ethics is at the heart of everything we do. The leadership, experience and passion of this very talented and determined team will play an instrumental role in our mission," Anderson said.
The ethics and compliance team leaders include Kelly Clark - Senior Vice President, Deputy Chief Ethics & Compliance Officer; Chris Donald - Senior Vice President, Environmental Corporate Compliance Manager; Gerry Ellis - Vice President, Health, Safety and Security Corporate Compliance Manager; Martha de Zayas - Vice President, General Corporate Compliance Manager; H Jordan Weitz - Senior Director, Compliance Risk Management Leader; Brigett Potts - Director, Compliance Training Leader; as well as Sandra Rowlett - Vice President, Incident Analysis Group Investigations Leader.Posted On:13-Nov-2019
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Turkish Owner Orders Tanker Duo in South Korea
Turkish shipowner Yasa has placed an order for two tankers in South Korea, according to shipbrokers.
Namely, the company signed shipbuilding agreements for the 158,000 dwt tanker duo with Daehan Shipbuilding Corporation in early November.
According to a report from Intermodal, the company would pay around USD 61 million per unit.
The Suezmax tankers, that would feature a length of 274 meters and a beam of 48 meters, are scheduled for delivery in January 2022.
The units would reportedly be equipped with scrubbers.Posted On:13-Nov-2019
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Pirates Attack Italian-Flagged Ship off Mexico
An Italian-flagged offshore patrol vessel has been attacked by pirates in the Gulf of Mexico.
According to Mexican news reports citing the Mexican Navy, two crew aboard the vessel Remas were injured in the attack and transferred to a nearby hospital.
The vessel had reportedly been approached in the Bay of Campeche by two boats with an estimated eight assailants. One person was shot in the leg while another suffered head injuries in the attack.
Remas had 30 persons, including the crew, on board at the time of the attack.Posted On:13-Nov-2019
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Norwegian research ship disabled by fire, part crew evacuated, Atlantic
Fire erupted in engine room of Norwegian research ship POLAR MARQUIS on Nov 11 in Senegal waters, where the ship is carrying out research works. Fire said to be extinguished, of 55 personnel and crew on board 30 were evacuated, the ship was disabled and taken on tow by research ship OCEAN MERMAID (IMO 9742443). As of 1230 UTC Nov 12, caravan was under way sailing in SE direction, port of destination unknown, with some 3 tugs escort.Posted On:13-Nov-2019
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Croatian bulk carrier distressed, towed to safety, Yangtze estuary
Bulk carrier SPLIT, anchored on outer Shanghai Anchorage in Yangtze estuary, reported anchor dragging, requested assistance, early in the morning Nov 12. The ship, loaded with with 41000 tons of steel, was at anchor since Nov 2, probably experiencing some mechanical malfunction. MRCC Shanghai sent salvage ship DONG HAI JIU 118, SPLIT was taken on tow in challenging conditions of strong northern wind and rough seas, and towed to safer waters of Luhuashan Anchorage, where she was anchored in the evening same day.Posted On:13-Nov-2019
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Nordic Ports Join Forces to Focus on Sustainable Future
Ten ports in the Nordic Region have signed a declaration with the aim to focus on sustainable port management.
The joint declaration between the ports of Copenhagen Malmö, Helsingborg, Faxaports (Iceland), Aarhus, Helsinki, Esbjerg, Gothenburg, Stockholm, Torshavn and Oslo shows a regional commitment to collaborate on environmental challenges related to UN s Sustainable Development Goals (SDGs).Posted On:13-Nov-2019
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Finland to Build Another Hybrid Electric Ferry
Finnish state-owned ferry operator Finferries has ordered a new hybrid electric vessel for Aland, an autonomous territory of Finland.
As informed, the environmentally friendly ferry will be deployed on the Foglo route and operated by local company Ansgar AB. Traffic on the Aland Foglo route is expected to commence on April 1, 2022.Posted On:13-Nov-2019
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COSCO Shipping Specialized Carriers Names Its Latest Pulp Carrier
China s shipping company COSCO Shipping Specialized Carriers has named its newest 62,000 dwt pulp carrier.
The naming ceremony for COSCO Jin Xiu was held at COSCO Shipping Heavy Industry (Dalian) shipyard on November 6, 2019.Posted On:13-Nov-2019
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Port of Cape Town undertakes dredging campaign
Transnet National Ports Authority (TNPA) s Dredging Services division has embarked on another maintenance dredging campaign at the Port of Cape Town to ensure the port provides safe navigational channels and berthing facilities for shipping.
Around 20 000m3 of sand and sediment is expected to be removed during the dredging exercise, which started on 28 October.Posted On:13-Nov-2019
Credits: www.bunkerportsnews.com |
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Europort attracts international visitors in record numbers
Special ship markets in recovery and real progress on maritime digitalisation brought a feelgood finale to Europort 2019, as the last of 26,076 visitors from 93 countries departed from the biennial conference and exhibition after an energetic week of events at Rotterdam Ahoy on Friday 8th November.Posted On:13-Nov-2019
Credits: www.bunkerportsnews.com |
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Gujarat govt. grants approval for CNG port terminal at Bhavnagar
The Gujarat government on Sunday gave its approval for a compressed natural gas (CNG) terminal at Bhavnagar with a proposed investment of ₹1,900 crore, an official said.
A State government release said the facility, approval for which was given by the Gujarat Infrastructure Development Board headed by Chief Minister Vijay Rupani, would be the world s first CNG port terminal.Posted On:13-Nov-2019
Credits: www.bunkerportsnews.com |
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Climate change port survey participants confirm increase in frequency and severity of extreme weather events
Ports covering every major ocean as well as inland ports and waterways have confirmed the increase in frequency and severity of extreme weather events and the serious impact these have had on infrastructure and operations.
The survey has been organised by the International Association of Ports and Harbors (IAPH) on behalf of the partners of the Navigating a Changing Climate (NaCC) initiative.Posted On:13-Nov-2019
Credits: www.bunkerportsnews.com |
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Belgium s Euronav picks Malaysia port as eastern supply base for marine fuels
Belgian tanker operator Euronav signed a service agreement on Tuesday making Malaysia s Linggi Port its supply base providing low-sulphur marine fuels and other services for ships plying East-of-Suez routes, the port operator said.
"Linggi has a massive advantage, (being) right next to one of the busiest shipping lanes with deep waters to accommodate large ships," Alex Staring, chief operating officer at Euronav, told Reuters on the sidelines of the signing ceremony. "And there is no congestion, offering the flexibility to anchor immediately."Posted On:13-Nov-2019
Credits: www.bunkerportsnews.com |
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