MISC expects another choppy year for O&G shipping industry


According to the company, the shipping tonnage oversupply situation and cut in global oil production by the Organisation of the Petroleum Exporting Countries in 2017 will continue to weigh on the petroleum shipping segment this year

PETALING JAYA: MISC Bhd, which posted an 87% drop in net profit year-on-year for its fourth quarter ended Dec 31 due to higher impairment loss, is expecting another choppy year for the oil and gas (O&G) shipping industry.

According to the company, the shipping tonnage oversupply situation and cut in global oil production by the Organisation of the Petroleum Exporting Countries in 2017 will continue to weigh on the petroleum shipping segment this year.

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