Malaysian LNG shipper, MISC reported a 15.8 percent increase in liquefied natural gas revenue for the second quarter of 2017, in comparison to the corresponding period a year ago.
According to the company’s quarterly report, LNG revenue reached 730 million ringgit ($170.2 million) compared to 630.4 million ringgit in Q2, 2016.
The rise has been attributed to the lease commencement of two new vessels, MISC said in its report.
The LNG operating profit for the quarter rose to 557.7 million ringgit from 251.7 million ringgit in 2016, mainly due to the recognition of compensation for early termination of a time charter contract and lease commencement of two new vessels.
Speaking of the results for the first six months of 2017, MISC reported a 12.4 percent rise in LNG revenue reaching 1.47 billion ringgit ($344.4 million), impacted positively by the lease commencement of two new vessels and higher earning days.
LNG operating profit for the first half of 2017 dropped 11.2 percent to 887.7 million ringgit from 999.5 million ringgit, MISC said.
The company added that the shipping market continues to be affected by newbuilds delivery and expiry of older vessel charters, which has depressed spot rates.
However, MISC believes this will have limited impact on the company’s LNG business due to its portfolio of long term charters in place.
1 MYR = 0.233217 USD