Asia

MISC focused on consolidation

Kuala Lumpur: Malaysia’s top shipping line MISC plans to refinance a $750m bank loan due to expire in September.

“It will depend on the response from the market but I think the interest rates today should be quite good,” said president and Datuk Nasarudin Md Idris at the company’s AGM in Kuala Lumpur yesterday.

Nasarudin said this year was all about consolidation for MISC with the line focusing on costs, re-balancing its portfolio between cyclical and non-cyclical business and income mix.

“Our gearing level has improved and our debts is far lesser that what it was before,” said Nasarudin, commenting on the company’s net gearing ratio which has declined substantially to 0.25 times from 0.48 times in 2012.  [20/06/13]

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