---
endpoint: analytics
pattern: Transport
status: done
latency_ms: 181589
conversation_id: 627faad7-a27d-44d9-ab35-607decdce2ca
citations: 12
created: 2026-05-31 21:15:06Z
---

# Who are the key customers and suppliers of MISC?

# MISC Berhad — Key Customers & Suppliers

MISC Berhad (MISC MK, KLSE: 3816) is a Malaysian shipping/offshore conglomerate operating across four segments — LNG/Gas, Petroleum & Products (AET), Offshore (FPSO), and Heavy Engineering (MMHE). As a 51%-owned subsidiary of Petroliam Nasional Berhad (Petronas), its commercial relationships are heavily anchored to the Petronas group, supplemented by international oil majors and a network of JV partners and shipyard/EPC counterparties.

---

## 1. Ownership & Anchor Counterparty

| Entity | Relationship | Stake |
|---|---|---|
| **Petroliam Nasional Berhad (Petronas)** | Parent shareholder + #1 customer | 51.0% [1] |
| **Employees Provident Fund (EPF)** | Second largest shareholder | 12.9% [1] |

Being part of the **"PETRONAS Group Gas and Maritime division"** [2], MISC's chartering, FPSO awards, and fleet-rejuvenation contracts are predominantly originated from Petronas group companies.

---

## 2. Key Customers (Charterers)

### A. Petronas Group entities (largest customer block)

| Petronas Counterparty | Contract / Asset | Source |
|---|---|---|
| **PETRONAS LNG Sdn Bhd** | Two long-term Time Charter Parties (TCPs) signed 16 Dec 2024 for 2 newbuild LNG carriers; delivery scheduled 2027. Part of plan to add **19 new LNG carriers on long-term charter by 2027** | [4][6] |
| **PETRONAS Trading Corp** | 2 of 3 ammonia dual-fuel Aframax tankers built by AET (Petroleum segment) are on long-term charter to PETRONAS trading company | [5] |
| **PCPP Operating Company Sdn Bhd** (PETRONAS Carigali 40% / Pertamina Hulu Energi 30% / PetroVietnam EP 30%) | D30 & Dana Fields FPSO lease (MOMPL leases two Mobile Offshore Production Units to PCPP) | [7] |

### B. International Oil & Gas Majors (Offshore / FPSO customers)

| Customer | Asset | Source |
|---|---|---|
| **Petrobras / Brazil consortium** | FPSO Marechal Duque de Caxias (Mero-3) — first oil end-Oct 2024, anchor long-term cash flow in offshore Brazil | [6] |
| **Sabah Shell Petroleum Company Ltd (SSPC)** — Shell Malaysia upstream | Gumusut-Kakap Semi-Floating Production System (long-running arbitration counterparty — confirms charterer relationship) | [8] |
| **Gulf of Thailand operator (charterer of Bunga Kertas)** | FPSO Bunga Kertas commenced operations end-March 2025 in Gulf of Thailand under a new lease contract (one-time gain recognised in Q1'25) | [11] |
| **Joint owner: Petrobras (Mero-3)** | MISC holds 50% stake in Mero 3 FPSO; valued at RM3,953m in CLSA SOTP | [3] |

### C. Petroleum Shipping (AET) — Spot + Long-Term Charter Mix

AET's petroleum shipping book is anchored by **long-term charters and niche lightering services representing >80% of the portfolio**, with the remainder in spot VLCC / Suezmax / Aframax markets [2]. Individual charterers in the petroleum segment are not disclosed publicly.

---

## 3. Key Suppliers & Strategic Partners

### A. Shipyards (LNG newbuild programme)

The fleet rejuvenation programme involves delivery of **21 newbuild vessels by 2028**, taking the Gas segment fleet to ~33 modern non-steam engine vessels [12]. Specific shipyard names are not disclosed in covered filings; in the LNG space MISC's known historical newbuild yards include Korean and Chinese shipbuilders (named in earlier corporate filings; not retrievable from the chunks pulled here).

### B. In-house EPC / Construction Supplier

- **Malaysia Marine and Heavy Engineering (MMHE)** — 66.5%-owned MISC subsidiary; primary EPC supplier for FPSO topsides and offshore conversion projects. Valued at RM819m in CLSA's SOTP (consensus RM0.77 valuation) [3].
- **Floating Production Solutions Sdn. Bhd. (FPS)** — incorporated 9 May 2025 as a JV between MISC OBU One (L) Pte. Ltd. and MMHE for floating production solutions [10].

### C. Joint Venture / Strategic Partners

| Partner | JV / Collaboration | Purpose | Source |
|---|---|---|---|
| **Mitsui O.S.K. Lines, Ltd. (MOL)** + **PETRONAS CCS Ventures** | Jules Nautica Sdn Bhd (JNSB) — incorporated 13 Jun 2025; MISC owns 40% | Owning & chartering liquefied CO2 (LCO2) carriers | [9] |
| **Gentari Hydrogen** (Petronas clean energy arm) | Strategic Collaboration Agreement, 26 Nov 2024 | Integrated shipping & floating solutions for clean ammonia, targeted by 2027 | [6] |
| **SBM Holding Inc. S.A.** | Counterparty in Jan 2025 swap | MISC acquired SBM's 49% in FPSO Kikeh; divested 49% in FPSO Espirito Santo (Brazil) | [10] |
| **Bumi Armada Bhd (BAB MK)** | Non-binding MoU signed Nov 2024, ongoing due diligence | Prospective merger of FPSO businesses | [2] |

---

## 4. Customer Concentration Signal (from interim balance sheet)

As of 30 June 2025, trade receivables totaled **RM3,580m**, of which:
- **Third parties: RM3,420.8m** (95.6%) — i.e., external customers (oil majors, charterers, Brazil JVs)
- **Fellow subsidiaries (Petronas group): RM131.0m** (3.7%)
- **Associates & joint ventures: RM28.2m** (0.8%)

Normal credit terms range from 7 to 90 days, with each customer assigned a maximum credit limit on a case-by-case basis. (Source: MISC Interim Report 30-Jun-2025)

---

## Summary Map

```
CUSTOMERS (charterers / lessees)        SUPPLIERS / PARTNERS (build & operate)
──────────────────────────────────      ────────────────────────────────────────
PETRONAS Group (parent, 51%)            MMHE (66.5% subsidiary — EPC/topsides)
  ├─ PETRONAS LNG (TCPs)                FPS (MISC + MMHE JV, 2025)
  ├─ PETRONAS Trading (ammonia)         Mitsui OSK (MOL) — JNSB LCO2 carriers
  └─ PCPP (D30/Dana FPSO)               PETRONAS CCS Ventures (JNSB partner)
                                        Gentari Hydrogen (clean-ammonia JV)
Petrobras / Brazil (Mero-3, Kikeh)      SBM Offshore (FPSO Kikeh divestor)
Shell (SSPC — Gumusut-Kakap)            Bumi Armada (proposed FPSO merger)
Gulf of Thailand charterer (Bunga Kertas)
Other AET tanker spot/TC clients
```

---

**Sources**
[1] MISC — O-PF (Masked by provisions) — CLSA (23 Feb 2025) — 607951336LinqAlpha.PDF (shareholder structure)
[2] Q4 2024 MISC Berhad Earnings Call — Petronas Group Gas & Maritime division commentary
[3] MISC — O-PF (Masked by provisions) — CLSA (23 Feb 2025) — SOTP table (MMHE, Mero-3, Bintulu Port stakes)
[4] Q4 2024 MISC Berhad Earnings Call — PETRONAS LNG TCP (Dec 2024)
[5] Q4 2024 MISC Berhad Earnings Call — AET ammonia Aframax LT charter to PETRONAS Trading
[6] Q4 2024 MISC Berhad Earnings Call — Mero-3 first oil; PETRONAS TCPs; Gentari Hydrogen MoU; Kikeh acquisition
[7] MISC Bhd Interim Report (30-Jun-2025) — PCPP operating company composition (Petronas Carigali / Pertamina / PetroVietnam)
[8] MISC Bhd Interim Report (30-Jun-2025) — GKL vs Sabah Shell Petroleum Company arbitration (Shell as charterer)
[9] MISC Bhd Interim Report (30-Jun-2025) — Jules Nautica JV with Mitsui OSK Lines + PETRONAS CCS Ventures (LCO2)
[10] MISC Bhd Interim Report (30-Jun-2025) — Kikeh / Espirito Santo swap with SBM; FPS JV with MMHE
[11] Q1 2025 MISC Berhad Earnings Call — FPSO Bunga Kertas Gulf of Thailand charterer
[12] Q1 2025 MISC Berhad Earnings Call — 21 newbuilds by 2028; 33-vessel modern Gas fleet target

## Citations

- [1] **607951336LinqAlpha.PDF** · clsa — <s3://ext-linq-rms-clsa/2025/02/607951336LinqAlpha.PDF>
- [2] **607951336LinqAlpha.PDF** · clsa — <s3://ext-linq-rms-clsa/2025/02/607951336LinqAlpha.PDF>
- [3] **607951336LinqAlpha.PDF** · clsa — <s3://ext-linq-rms-clsa/2025/02/607951336LinqAlpha.PDF>
- [4] **Q4 2024 MISC Berhad** · external
- [5] **Q4 2024 MISC Berhad** · external
- [6] **Q4 2024 MISC Berhad** · external
- [7] **MISC Bhd. (3816-MY) - Interim Report for period end 30-Jun-2025 (English) - PDF** · external
- [8] **MISC Bhd. (3816-MY) - Interim Report for period end 30-Jun-2025 (English) - PDF** · external
- [9] **MISC Bhd. (3816-MY) - Interim Report for period end 30-Jun-2025 (English) - PDF** · external
- [10] **MISC Bhd. (3816-MY) - Interim Report for period end 30-Jun-2025 (English) - PDF** · external
- [11] **Q1 2025 MISC Berhad** · external
- [12] **Q1 2025 MISC Berhad** · external

