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MISC doubles third-quarter profits on booming tanker rates

Revenue from its petroleum and products shipping segment rose 63% to $285m from $170m in the previous corresponding quarter, mainly from higher freight rates and a one-off compensation for a contract renegotiation in the mid-sized tanker segment

MISC says spot rates continued to surge in the LNG shipping market in the third quarter. This was despite tonne-mile demand coming under some pressure from trade pattern shifts to shorter distances

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