KUALA LUMPUR (Aug 27): MISC Bhd (KL:MISC) reported a decade-high quarter as earnings more than doubled with a surge in freight rates for shipping crude oil and petroleum products.
Net profit for the three months ended June 30, 2026 (2QFY2026) was RM1.15 billion compared with RM464.4 million in the same quarter a year earlier, MISC said in an exchange filing. Revenue surged 76% year-on-year to RM4.79 billion with its fleet also busier during the quarter.
An interim dividend per share of eight sen was declared, unchanged from a year ago despite the surge in earnings, bringing the total payout announced so far this year to 16 sen.
“We remain measured in our expectations for the second half of the year” as the strong tanker rates may moderate from current levels with evolving supply-demand dynamics and geopolitical developments, MISC president Datuk Zahid Osman said in a statement.
Tanker charter rates in 2026 have been buoyed by ongoing geopolitical disruptions that forced vessels to take longer routes amid limited new vessel deliveries.
Spot earnings for very large crude carriers — massive tankers also known as VLCCs used to transport crude oil — have jumped to over US$120,000 per day in the second quarter, translating into higher earning days and daily rates for owners.
For the first six months, net profit was RM1.9 billion, an increase of 62% when compared to the same period last year. First-half revenue climbed 39% year-on-year to RM7.68 billion thanks to the surge in crude oil and petroleum products.
Still, crude oil tanker rates and tonne-mile demand are expected to be supported by potential inventory rebuilding following drawdowns earlier this year and robust long-haul crude exports from the Atlantic Basin, the company noted.
MISC also believes that the outlook remains healthy for charter rates for shipping liquefied natural gas (LNG) thanks to robust supply growth.
The company, which owns one of the world’s largest fleet of LNG carriers, flagged that uncertainties surrounding the Strait of Hormuz are expected to keep spot charter rates volatile in the near term.