The proposed sale of the eight tankers exclude the three owned chemical tankers in sold in the second quarter and the further seven that were disposed in fourth quarter in 2013 and first quarter of 2014.
“As such, MISC would significantly reduce its exposure to the chemical tanker segment to just its 10 chartered-in ships. This underpins our forecast for a major reduction in the losses of this division, from MYR42m ($13.3m) in FY13, to MYR28m in FY14 and then dropping further to an MYR11mil loss in FY15,” the research house said.
CIMB Research remains positive on MISC's restructuring efforts in the chemical shipping space, and the cyclical recovery for its petroleum shipping arm, as the losses currently suffered by these two businesses are expected to narrow.
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