The LNG shipping segment is experiencing some softening in freight rates over the past two years primarily due to oversupply of vessels against a flat demand. Spot freight rates, under pressure are hovering around USD60,000 to USD70,000 per day compared to the highs of USD100,000 per day, some 2 years ago. LNG SHIPPING BUSINESS SEGMENT REVIEW HIGHLIGHTS OF 2014: • Delivered 21.8m tonnes of LNG cargo (9.0% of world trade) • 15-year contract with PETRONAS for five (5) new LNG vessels • 10-year contract extension for Puteri Class • New contract with GLNG for Seri Bakti MISC BERHAD - Annual Report 2014 p 58 PRESIDENT/ CEO’S REPORT
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