MISC earnings fall on weaker petroleum tanker market
Malaysia-based shipping company also expects a weak spot market for LNG shipping amid tonnage overcapacity after reporting lower first-quarter revenue and pre-tax profit
The group’s revenue fell 32.3% year on year in the absence of a one-off gain in the year-ago period, lower freight rates in the petroleum segment and a lower number of operating vessels and charter rate from contract renewals in the liquefied natural gas segments
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