MISC gets US$245m contracts from Shell entity

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KUALA LUMPUR (Dec 6): MISC Bhd was awarded three long-term time charter contracts with an estimated total value of US$245 million from Brazil Shipping I Ltd, which is a Shell Group entity. 

In its filing with Bursa Malaysia, MISC said these contracts were awarded to its unit AET Tanker Holdings Sdn Bhd. 

“AET will own and operate these newbuilding Suezmax Class Dynamic Positioning Shuttle Tankers for operations in international and Brazilian waters,” it said, adding that the charter is expected to commence in 2022. 

AET is the petroleum shipping unit of MISC and specialises in the global ocean transport of petroleum. 

MISC was traded unchanged at RM8.15 at noon market break today, giving it a market capitalisation of RM36.38 billion.