MISC’s petroleum tanker business seen turning around

A Singapore police coast guard boat patrols past sailing ships plying along Singapore straits on April 22, 2009. - AFP

PETALING JAYA: The petroleum tanker segment of MISC Bhd, while still in an oversupply situation, could be on the cusp of a turnaround as new vessels entering the market are expected to slow down, said RHB Research in a report.

“In the near term, we expect rates for petroleum tankers to continue to be soft due to an oversupply. However, we expect the tanker market (to) turn around as newbuild orders are slowing down,” RHB said.