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 20 Jan 2009

Malaysia's MISC cuts orders for tankers

Malaysia MISC Bhd, the world's largest carrier of liquefied natural gas, cut its orders for chemical tankers from South Korean SLS Shipbuilding to four vessels from eight, Reuters quoted the firm as saying Monday.

"This mutual agreement was reached to the benefit of both parties," MISC said without elaborating on the reasons for the cutback.

MISC, a unit of state oil company Petronas, was to spend $430 million to acquire the eight 45,000 tonne chemical tankers in a bid to expand it chemical transport business. It did not give a revised figure for the four tankers.

Hit by falling profits, MISC last year scrapped a $882 million takeover bid for oil services firm Ramunia Holdings Bhd.




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