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Charting an expansion path that focuses on strengthening its synergies as well as opening new growth areas, Malaysia International Shipping Corporation Bhd (MISC), is well on the way of a dramatic fleet expansion in the energy transportation sector.
The Petronas subsidiary which owns and operates a total of 128 ships with total combined deadweight tonnes in excess of five million deadweight tonnes, will be adding six more gas carriers, two chemical and one petroleum tankers worth RM1.5 billion over the next four years.
The national shipping line is set to take delivery of another six LNG carriers before the financial year 2005/2006.
Three of the six 130,000 cubic metres tankers are being built by MHI in Nagasaki while three others are being built by Mitsui Engineering & Shipbuilding, also in Japan.
The deliveries will raise MISC's LNG fleet from the present 13 LNG ships with 1.3 million cubic metres to 19 LNG ships with 2.18 million cubic metres, making it the world's largest fleet owner/operator of LNG tankers.
Chairman of MISC Bhd, Tan Sri Datuk Hassan Marican expects the fleet expansion would further solidify the carrier's position in the energy transportation sector.
The first two ships of the Puteri Satu class tankers will be delivered by end of this year and this will be followed by the third vessel in 2003 and two more in 2004 and one in 2005.
The deliveries will expand MISC's present LNG transportation capacity by more than 65 per cent and is expected to allow the national carrier to aggressively to expand beyond the traditional Far East markets like Japan, Korea and Taiwan.
"Our first third party time charter deal with Gaz de France will serve as a spring board for MISC in penetrating the Northern
Europe- Mediterranean -Africa LNG shipping market with the eventual move across the Atlantic towards the North American market", said Tan Sri Hassan
Besides the traditional route, MISC is also looking exploring the Bintulu-India sector, Nigeria-Europe/USA, Algeria-Europe/USA and Qatar-Europe/USA route for the carriage of LNG.
"Realising the good long term prospect of LNG in the Atlantic and Pacific, where the markets are expected to double over the next 10 years, we are currently considering acquiring additional LNG vessels (in addition to the six currently being built in Japan)," said Tan Sri Hassan said in the company's 2001 annual report released last week.
According to the managing director of MISC Datuk Hj Mohd Ali Yasin, the chemical tanker services sector would be receiving an additional two carriers during the 2003/2004 financial period.
"These carriers will complement the present fleet of 15 chemical tankers and will assist MISC move to explore more joint ventures in chemical business. We have concluded a 50:50 deal with Bakri Navigation Company Ltd (Saudi Arabia) and looking into similar option with Tokyo Marine and Aurora Tankers for other markets," said Mohd Ali.
The venture with Bakri Navigation will initially involving in owning and operating two 45,000 dwt chemical tankers to service a leading Middle East petrochemical producer on a 10-year term charter.
"This joint venture will serve as the platform for more business opportunities for the Group in the Middle East market for both the chemical and petroleum tanker business," Mohd Ali said.
Meanwhile the chemical division of the shipping corporation has secured a two-year time charter agreement for one unit of 24,000 dwt Ammonia tanker for the shipping of PETRONAS MITCO's ammonia products out of Kertih for discharge in various destinations in South East Asia region.
Mohd Ali said another 6,000-dwt chemical tanker would be chartered to MITCO in their shipments of methanol and other petrochemical products within the South East Asia region.
Contract of Affreightments with BASF and Exxon Mobil were also successfully renewed for another year.
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