MISC Berhad has seen the financial performance at its tanker arm crash by almost 90% in the first quarter on the back of the weak tanker market.
Malaysia’s top shipowner said its petroleum and product shipping arm achieved an operating profit of just MYR 34.4m ($8.3m), down from the MYR 336.5m seen a year earlier.
Revenue for the division, which controls a fleet of more than 80 tankers, came in at MYR 795.1m.
