PETALING JAYA: MISC Bhd
has secured a long-term contract from Petronas Gas Bhd (PetGas) for the supply, operation and maintenance of a floating storage and regasification unit (FSRU).
In a filing with Bursa Malaysia, MISC said it received and accepted the letter of award on April 30, 2026, for the provision of a newbuild FSRU to PetGas.
The project will be for a firm period of 20 years, with commencement expected in 2029. MISC will provide the FSRU services through its wholly-owned subsidiary to PetGas or its subsidiary.
In parallel, MISC has entered into a shipbuilding contract with Samsung Heavy Industries Co Ltd for the construction of one newbuild FSRU for the project.
“The project marks MISC’s entry into the FSRU segment, leveraging its technical and operational expertise in liquefied natural gas carriers and floating storage units,” MISC said, adding that it reinforced its strategic collaboration with Petroliam Nasional Bhd or PETRONAS in supporting Malaysia’s energy infrastructure development.
The company said the project is not expected to have any material impact on its earnings, net assets, gearing or share capital for the financial year ending Dec 31, 2026.
Meanwhile, prospects of a reopening of the Strait of Hormuz could spark a fresh surge in global tanker demand, potentially extending the strong momentum seen in crude freight markets.
CGSI Research said crude tanker freight rates have rallied sharply since the fourth quarter of last year (4Q25), driven initially by higher output from the Organisation of the Petroleum Exporting Countries and its allies (Opec+), alongside US efforts to curb Russian crude exports to India and tighten control over Venezuelan oil flows.
While rates have moderated in recent weeks due to reduced Middle East cargo availability, CGSI Research expects a strong rebound ahead.
It added that demand could be further boosted by a potential unilateral production increase by the United Arab Emirates following its exit from Opec on May 1.
This backdrop is seen benefiting MISC, particularly via its unit AET, which has about 30% spot exposure to crude tankers.
Stronger freight rates are expected to lift earnings, especially in 1Q26 to 2Q26.
CGSI Research reiterated its “add” call on MISC, with a slightly lower sum-of-parts target price of RM9.15 from RM9.30.
