Kuala Lumpur: Malaysian shipowner MISC has allocated US$500m for capital expenditure this year, part of which will be spend on its offshore business, an FPSO facility operating in the Cendor oil field off Peninsular Malaysia and new vessels for its petroleum division.
"What we have talked about doing in 2012, we will continue in 2013 as well. We are going to streamline our business portfolios, introduce robustness in our income structure and we can also invest in projects that are very safe," said Yee Yang Chien, MISC's corporate planning and development vice-president.
Yee is confident about the group’s earning ability, and said the group’s profit will improve with the company no longer suffer losses from the liner business which it recently exited. However, he said the shipping industry in general is in for challenging time next year and in 2015 as large vessel deliveries come into the market, possibly leading to a softening in spot market rates for the segments. [14/06/13]
