MISC Berhad

MISC Berhad (MYX: 3816) was incorporated in 1968 as Malaysia International Shipping Corporation Berhad and is the leading international shipping line of Malaysia. In September 2005, Malaysia International Shipping Corporation Berhad adopted its present corporate identity and changed its name to MISC Berhad. Its main shareholder is Petroliam Nasional Berhad (Petronas), the national oil conglomerate of Malaysia. The principal business of the Corporation consist of Ship owning, Ship operating, Other shipping related activities, Owning and operating of offshore floating facilities as well as Marine repair, Marine conversion and Engineering & Construction works. With a fleet of more than 120 vessels and a combined tonnage of more than 13,000,000 DWT.

MISC Berhad
TypePublicly traded
MYX: 3816
ISINMYL3816OO005
IndustryEnergy Shipping, Maritime services
Founded1968
FoundersRobert Kuok and Frank Tsao
HeadquartersKuala Lumpur, Malaysia
Key people
Ab. Halim Mohyiddin, Chairman
Yee Yang Chien, President/Group CEO
ProductsShip owning, Ship operating, Other shipping related activities, Owning and operating of offshore floating facilities as well as Marine repair, Marine conversion and Engineering & Construction works
ParentPetronas
Websitemisc.com.my

History

Malaysia International Shipping Corporation was founded in 1968 by Robert Kuok on request of the Malaysian government. Kuok, who had no experience in the business, sought the help of the Hong Kong-Chinese shipping magnate, Frank Tsao.[1] For his help with establishing the business, Tsao was conferred the title of Tan Sri by the King of Malaysia.[2]

The company's first two ships were provided by Japan, given to the Malaysian Chinese Association (MCA) as compensation for its massacre of Chinese Malaysians during World War II.[1] The company initially had capital of 10 million ringgit, with the Kuok brothers holding 20%, Tsao 15%, and the MCA and other Chinese-Malaysian groups holding 20 to 30%.[1] Ismail Abdul Rahman served as the company's first chairman until Kuok took over in 1969, serving until the 1980s. Eddie Shih and Tony Goh ran the day-to-day business, and the company quickly prospered after it started business in 1969.[1]

Under pressure from Prime Minister Abdul Razak Hussein, MISC soon enlarged its capital base from the original 100 to 140, with the extra 40 issued to the Malaysian government, which became the largest shareholder.[1] The company went public in 1987.[1]

Business speciality

MISC is a specialist in Energy Transportation. The company HQ is located at Menara Dayabumi in Kuala Lumpur, Malaysia. With 29 LNG carriers, it is currently one of the world's leading operator of LNG fleet. Through its wholly owned subsidiary AET, MISC is one of the leading global tanker operators and a market leader in lightering operations for US Gulf ship-to-ship transfers.

MISC also freights vegetable oil and chemical products, with major trading routes that include South East Asia, the Far East, Middle East, Europe, the Indian Subcontinent and the Americas.

The company has also ventured into offshore business, offering customers a full scope of offshore floating facility services – from design to operations. Through Malaysia Marine and Heavy Engineering Sdn Bhd (MMHE), MISC provides marine repair, marine conversion, engineering and construction for a wide spectrum of oil & gas production facilities.

On 24 November 2011, MISC announced its exit from the liner business (container shipping). In its announcement through the local Bursa Malaysia stock exchange, MISC explained that the radical change in the operating dynamics of the liner industry which is driven by high operating cost and rapid changes in global trade patterns is challenging the validity of today's operating models. The company's decision was also hastened by the present difficult operating conditions which have seen the liner business suffering a total financial loss of US$789 million over the past three years, impacting the overall financial performance of MISC. [3]

Other Services
  • Maritime Education - Akademi Laut Malaysia (Malaysian Maritime Academy) or simply known as ALAM. For over 50 years, ALAM has trained thousands of Malaysians, through a disciplined and regimented education system unique to the Academy.

The fleet

The Corporation operates a fleet of 125 vessels consisting of (as at February 2014):[4]

  • 29 LNG Carriers
    • Seri "C" - Class, 5 launched
    • Seri "B" - Class, 5 ship (452,319 DWT)
    • Seri "A" - Class, 5 ships (417,388 DWT)
    • Puteri Satu - Class, 6 ships (456,648 DWT)
    • Puteri - Class, 5 ships (367,595 DWT)
    • Tenaga - Class, 3 ships (215,248 DWT)
    • Aman - Class, 2 ships (32,909 DWT)
    • Note: Tenaga Satu and Tenaga Empat have been converted into LNG Floating Storage Units

(FSUs) for the Petronas LNG Regasification Facilities project in Sungai Udang, Melaka.[5]

  • 75 Petroleum Tankers
    • VLCC - Class, 13 ships (3,976,758 DWT)
    • Aframax - Class, 50 ships (5,329,472 DWT)
    • Suezmax - Class, 4 ships (631,399 DWT)
    • DP Shuttle - Class, 2 ships (210,306 DWT)
    • Panamax - Class, 1 ships (73,096 DWT)
    • CPP - Class, 5 ships (234,962 DWT)
  • 22 Chemical Tankers
    • Melati Class, 1 ship (31,981 DWT)
    • Bunga A Class, 7 ships (266,000 DWT)
    • Bunga B Class, 4 ships (180,000 DWT)
    • Bunga L Class, 6 ships (114,000 DWT)
    • Bunga Kantan Class, 3 ships (59,322 DWT)
    • Others, 2 ships (40,413 DWT)
  • Offshore Terminals
    • FPSO, 5 terminals
    • FSO, 5 terminals
    • MOPU, 2 units
    • FSU, 2 units
    • Semi-FPS, 1 unit

Incidents
  • On 19 August 2008 at 10.09 pm,[6] one of the MISC vessel registered as MT Bunga Melati Dua has been hijacked by a group of armed pirates at the Gulf of Aden, between Yemen and Somalia. There were 29 Malaysian nationals and 10 Philippine nationals on board the ship when the incident occurred. According to Bernama, MISC together with International Maritime Bureau (IMB) has formed a special team to tackle the problem on the attack.[7]
  • On 29 August 2008 at 9.50 pm another MISC tanker ship registered as MT Bunga Melati Lima also has been hijacked in international waters off the coast of Yemen. According to MISC press statement, there are 36 Malaysians and five Filipino temporary maintenance crew members on board, the vessel was fully laden with 30,000 Mt of petrochemicals when the pirates boarded it on Friday evening.[8]
  • On 22 January 2011 MISC tanker vessel Bunga Laurel was Hijacked by Somali pirates. The previous Container vessel Bunga Mas Lima,[9] which now is converted as military escort vessel, has rescued all 23 crew members. All 18 pirates surrendered.[10]

See also

References
  1. Kuok, Robert (27 November 2017). "How I launched Malaysia's national shipping line". South China Morning Post. Retrieved 15 August 2019.
  2. Yeung, Henry Wai-Chung (2004). Chinese Capitalism in a Global Era: Towards a Hybrid Capitalism. Routledge. p. 102. ISBN 978-1-134-39050-2.
  3. "Archived copy". Archived from the original on 20 December 2015. Retrieved 6 December 2015.CS1 maint: archived copy as title (link)
  4. "MISC Website Fleet List". MISC Berhad.
  5. "MALAYSIA'S FIRST LNG RE-GASIFICATION TERMINAL REACHES COMPLETION". Petronas.
  6. "Pirates Seize MISC's Palm Oil Tanker". Bernama Online. Retrieved 22 August 2008.
  7. "MISC Forms Special Squad". Bernama Online. Retrieved 22 August 2008.
  8. "Another MISC tanker hijacked". The Star Online. Archived from the original on 1 September 2008. Retrieved 1 September 2008.
  9. "Archived copy". Archived from the original on 29 September 2011. Retrieved 24 August 2011.CS1 maint: archived copy as title (link)
  10. "Archived copy". Archived from the original on 25 July 2011. Retrieved 24 August 2011.CS1 maint: archived copy as title (link)
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