NPRA ’11: Malaysia’s MISC to complete fleet expansion by Q2 ‘12

29 March 2011 18:20  [Source: ICIS news]

SAN ANTONIO, Texas (ICIS)--MISC Berhad, a subsidiary of Malaysia’s state-owned oil and gas firm Petronas, expects to be done with its fleet expansion by early next year, in time for better demand that should start in the second quarter of 2012, a company official said late on Monday.

In April, MISC expects delivery of two vessels – a 45,000dwt (deadweight tonne) ship and one with a 19,000dwt capacity. In 2012, two more 19,000dwt vessels will be added to the fleet, the official said on the sidelines of the International Petrochemical Conference (IPC).

So far, the company has received eight 38,000dwt vessels, three 45,000dwt vessels and two 19,000dwt vessels, he said.

Some old vessels would be scrapped, the official said, without providing details.

MISC is the largest single owner-operator of LNG carriers in the world, according to its website.

Shipments of  LNG into Japan have slightly increased in the wake of the massive earthquake and tsunami that hit the northeastern part of the country on 11 March, the official said.

But overall shipping demand this year has not improved significantly, he said.

Come the second quarter of 2012, operating conditions for the shipping industry is expected to turn better, the official said.

MISC currently has a fleet of more than 100 vessels, including LNG, petroleum, chemical tankers and containerships that operate in more than 40 countries, based on the company’s website.

Hosted by the National Petrochemical & Refiners Association (NPRA), the IPC continues through Tuesday.

By: Pearl Bantillo
+65 6780 4359

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