Malaysian shipowner MISC, a unit of state-run Petronas, on February 18 said net profit during the three months ending December 31 (Q4) grew 122% year/year to ringgit 556mn ($137mn) thanks to reduced impairment costs.  

Revenue in Q4 rose 11.2% yr/yr to ringgit 2.64bn driven by growth in revenue from its offshore and heavy engineering segments. However, for the full year, MISC posted a net loss of ringgit 43mn versus net profit ringgit 1.43bn in 2019.  

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Looking ahead, MISC believes the crude tanker market is expected to remain challenging in the near term, amid uncertainties over the recovery of oil demand and with vessel oversupply weighing on spot markets.  

“Given the uncertain environment, the petroleum shipping segment will continue to focus on building long-term secured income through its niche shuttle tanker business and rejuvenation of its fleet with emphasis on eco-friendly LNG dual-fuel systems,” it said. 

In the LNG shipping segment, the operating income continues to be underwritten by the portfolio of long-term charters that are in place, MISC said.