KUALA LUMPUR (Jan 29): MISC Bhd (KL:MISC) said a consortium comprising the company and Kawasaki Kisen Kaisha, Ltd (“K” Line) has secured a 10-year time charter for a newbuild 12,000 cubic metres liquefied carbon dioxide (LCO2) carrier.
MISC did not disclose the value of the charter agreement.
The charter agreement was executed on Jan 29, 2026 with Northern Lights JV DA, with a second vessel expected to be awarded in April 2026, MISC’s bourse filing showed.
The new LCO2 carriers are scheduled for delivery between the second half of 2028 and the first half of 2029.
The charter supports part of Phase 2 of the Northern Lights Project, which forms part of Longship, the Norwegian government’s full-scale carbon capture and storage initiative, involving the cross-border transport of carbon dioxide from European customers to permanent offshore storage sites in Norway.
MISC said the charter marks its strategic entry into the commercial carbon capture and storage sector and liquefied carbon dioxide shipping, in line with the group’s plans to expand into low-carbon and transition-enabling maritime solutions.
A joint venture company, owned equally by MISC and “K” Line, will be established to own and charter the new vessels. “K” Line, established in 1919, is a Japan-listed logistics company, operating in the shipping industry.
Northern Lights JV DA was established in March 2021 as a joint venture between Equinor Refining Norway AS, TotalEnergies EP Norge AS and A/S Norske Shell. It is responsible for carbon dioxide transport and storage for the Northern Lights Project.
According to AskEdge, MISC shows trailing twelve-month earnings before interest tax depreciation and amortisation margins of 29.9%, coupled with a 3.3% return on equity.
The group is currently trading at a price-earnings (PE) ratio of 27.9 times, according to data by AskEdge, higher than Maybulk Bhd (KL:MAYBULK)’s PE of 23.2 times, but lower than PDZ Holdings Bhd (KL:PDZ)’s PE of 40.6 times.
MISC’s share price was traded three sen or 0.38% higher at RM7.95 at the time of writing on Friday, bringing the group a market capitalisation of RM35.5 billion.