However, charter rates for steam turbine vessels are anticipated to remain subdued, reflecting the industry’s preference for modern vessels, MISC said in its fourth-quarter and 2025 financial report on Monday.
MISC said its gas assets and solution business, which includes a fleet of LNG and ethane carriers, remains focused on securing new long‑term charters and advancing its fleet rejuvenation strategy through the delivery of modern, eco‑efficient LNG carriers.
“In parallel, the segment implemented strategic measures for vessels currently off charter, including lay-ups to optimise costs and the exploration of redeployment opportunities,” the company said.
MISC is one of the largest operators of LNG carriers and most of them are on long-term charters.
According to MISC’s website, it operates a fleet of 29 LNG carriers, including steam LNG carriers and five as part of joint ventures. It also has one chartered LNG bunkering vessel.
In addition to its operational vessels, MISC has LNG carriers on order, including its most recent order for three LNG vessels at China’s Hudong-Zhonghua.
LNG revenue dips
MISC said its gas assets and solution business posted fourth-quarter revenue of 417.5 million ringgit ($107 million), a drop of 50 percent compared to the same period in 2024.
MISC attributed the drop to lower construction revenue and fewer earning days from contract expiries, vessel disposals, vessel lay-ups, and lower charter rates.
In 2025, gas assets and solution business reported revenue of 2.1 billion ringgit, down from 2.99 billion ringgit in 2024.
Moreover, MISC’s gas assets and solution business reported operating profit of just 0.5 million ringgit in the fourth quarter.
Operating profit decreased by 99.7 percent compared to the same period in 2024 due to lower revenue.
In 2025, operating profit reached 692.4 million ringgit, down from 1.05 billion ringgit in the year before.
MISC said its group revenue of 2,811.5 million ringgit in the fourth quarter was 15 percent lower year-on-year, mainly due to softer contributions from its gas assets and solutions and marine and heavy engineering segments.
The group’s operating profit for the fourth quarter of 507.6 million ringgit was 34.7 percent higher than the corresponding quarter’s profit, primarily due to the transition of an FPSO from construction to operational phase, MISC said.
