Kuala Lumpur: Petronas has provided an update on taking its 62.6% controlled shipping line, MISC, private. The energy major is offering RM5.30 per MISC share to take it private, something it says is a decent offer given the likely protracted downturn in freight rates.
In its offer document posted on Bursa Malaysia, Petronas said: “The shipping sector continued to be hampered by acute overcapacity and deliveries are expected to remain high for many years. As such, the outlook for charter rates continues to remain weak in prolonged period.
“The adverse operating conditions surrounding shipping activities have impacted the earnings and financial performance of MISC.” [22/02/13]