KUALA LUMPUR (March 11): MISC Bhd has secured seven-year charter contracts from Shell for three newbuilding crude carriers, for operations in international waters. In a filing today, MISC said the contracts were secured by AET Inc Ltd, the vessel-owning entity of petroleum shipping firm AET Tanker Holdings Sdn Bhd, which is in turn wholly-owned by MISC.
KUALA LUMPUR: AmInvestment Bank Research has maintained its buy call in MISC Bhd following its announcement that it has secured long-term charter contracts to own and operate three newbuild LNG dual-fuel very large crude carriers from Shell Tankers (Singapore) Pvt Ltd.
The research house has an unchanged sum-of-parts-basd fair value of RM8.50 a share, which implies an FY21 foreacst EV/Ebitda of 9x, at parity to its two-year average.
MISC did not reveal the capex or charter rates of the vessel although AmInvestment assumes a total capex of US$282mil for the three vessels, which could be part of the group s growth capex of US$1bil annually.