MOST research houses are recommending a “hold” or “sell” call on Malaysia International Shipping Corp Bhd (MISC) amidst softening shipping rates in petroleum and liquefied natural gas (LNG) spot tankers, a potential glut in LNG tankers and news on the Organisation of Petroleum Exporting Countries' reluctance to lift its pumping quota.
Despite MISC's stellar results for the financial year ended March 31, 2005, analysts turned cautious as they forecast the group's shipping revenue would fall in tandem with the softening rates and potential margin squeeze in the coming quarters this year.
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