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Our history and journey
MISC was founded in 1968 to support trade and economic development and to promote the maritime sector in Malaysia. Since then, we have grown into a global maritime conglomerate with over 100 vessels and floating assets, and more than 9,000 professionals at sea and shore.
Throughout the years, MISC has had various streams of business, which have cut across multiple areas of shipping and logistics, liner, dry and liquid bulk, LNG, and petroleum and chemical products.
Over time, we have defined the focus of our businesses in supporting the energy value chain through our range of energy-related maritime solutions and services. We have successfully built our presence in the global energy industry, with a distinguished reputation for safety, efficiency, and reliability.
Today, our work supports many of our clients’ own success stories, from the safe transportation of energy-related cargoes to the operation of offshore floating solutions and the construction of complex marine structures.
2050
Achieving Historic Milestones
Reaching New Heights
Weathering the Storm
Journey of Rebuilding and Discovery
Embracing Opportunities
Silver Linings and A Turbulent Year
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Our Humble Beginnings
- A decade of firsts unfolded with the incorporation of the Malaysia International Shipping Corporation (MISC) as the country’s first shipping line followed by the launch of MV Bunga Raya being MISC’s first ship.
- We then received our first batch of qualified and trained Malaysian seafarers.
- We began building our global presence, serving the regional and intercontinental shipping routes with a diversified range of shipping solutions including liner, dry bulk and liquid bulk.
- This period also saw the foundation of the Malaysian Training and Education of Seamen (MATES).
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Achieving Historic Milestones
- MISC launched our foray into energy shipping and was entrusted to deliver Malaysia’s first LNG cargo to Japan. Our first fleet of LNG carriers were the Tenaga Class. During this period, we also embarked on the chemical shipping business.
- MATES was upgraded to academy status and renamed as the Malaysian Maritime Academy (ALAM).
- The highlight of the era was the listing of MISC on the Main Board of the Kuala Lumpur Stock Exchange (now known as Bursa Malaysia Securities Berhad).
- MISC also diversified its businesses to include land based shipping-related services such as container services, logistics and warehousing as well as shipping agency.
- Towards the end of this period, MISC became a subsidiary of PETRONAS.
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Reaching New Heights
- A dynamic era of growth and expansions, particularly in the energy related maritime solutions sector, MISC acquired American Eagle Tankers (now known as AET) and made the Malaysia Shipyard and Engineering Sdn. Bhd. (MSE) its wholly-owned subsidiary, which was later renamed as the Malaysia Marine and Heavy Engineering Sdn. Bhd. (MMHE).
- Offshore Business Unit was formed during this period as we continue to strengthen our position as a leading player in the oil and gas industry.
- MISC took delivery of our first floating production, storage & offloading (FPSO) facility, FPSO Bunga Kertas and our first deepwater facility, FPSO Kikeh.
- MISC also expanded its energy solutions portfolio by venturing into the business of developing and operating tank terminals for storage solutions.
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Weathering the Storm
- After weathering several years of severely challenging conditions in the shipping industry, we took the difficult decision to exit from the liner business in 2011 as well as to divest our non-core businesses (such as the land logistics and tank terminal business), a process which continued until 2017.
- This strategic rebalancing of our business portfolio allowed us to channel our resources on our four core businesses, namely LNG shipping, petroleum shipping, offshore and heavy engineering business, and take advantage of other opportunities within the energy and maritime industry.
- MMHE was listed on the main market of Bursa Securities as Malaysia Marine and Heavy Engineering Holdings Berhad (MHB). During this period, MISC delivered the Gumusut- Kakap semi-submersible FPS, Asia’s largest facility for deepwater development.
- The Group also launched our first two LNG floating storage units (FSUs) for Malaysia’s first regasification terminal in Sungai Udang, Melaka.
- AET successfully operationalised its dynamic positioning shuttle tanker (DPST) business in Brazil.
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Journey of Rebuilding and Discovery
- MISC became a constituent of the FTSE4Good Bursa Malaysia Index, a testament to our remarkable sustainability performance.
- We also refreshed our Vision, Mission Statements and Tagline as well as enhanced our logo.
- During this period, MISC Group’s shipmanagement units were integrated into a single entity known as Eaglestar.
- PETRONAS Maritime Services Sdn. Bhd. became part of MISC Group and now known as MISC Maritime Services Sdn. Bhd. (MMS).
- MISC took delivery of our first fleet of Moss-type LNG Carriers, the Seri C Class. The period also saw AET taking delivery of its first modular capture vessel (MCV), Eagle Texas.
- MISC joined the ranks of global maritime industry players as a Strategic Partner of the Global Maritime Forum (GMF), committed to unleashing the potential of the global maritime industry to increase sustainable long-term economic development and human well-being.
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Embracing Opportunities
- We celebrated our 50th anniversary in 2018, marking five decades of growth, resilience, and commitment towards excellence. MISC continues its journey forward, driven by our people with their unwavering passion to push boundaries and explore the possibilities that lie ahead.
- We have been pursuing efforts towards sustainable growth in the long term by developing a healthy pipeline of new projects, as well as winning the trust and confidence of our stakeholders.
- MISC has also received numerous accolades which recognised our excellence in corporate governance, investor relations, sustainability and HSSE performance.
- We became a member of Getting to Zero Coalition by Global Maritime Forum, leading the push for international shipping’s decarbonisation.
- We broke new grounds within the industry through the deployment of LNG dual-fuel vessels and have joined forces with other industry players to develop new zero-carbon fuel technology that reflects our pledge in upholding sound environmental stewardship.
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Silver Linings and A Turbulent Year
- MISC moved onwards, charting several firsts. We secured our first major deepwater FPSO project in Brazil, building strong foundations for future large scale and complex international projects.
- We entered the China ethane maritime transport markets, with MISC taking delivery of six newbuild VLECs, all with long-term charters.
- MHB successfully completed and commenced operations at Dry Dock 3 located at MMHE West Yard in Pasir Gudang, Johor.
- AET added to our recurring income stream, long-term charter contracts to own and operate three newbuild LNG dual-fuel VLCCs.
- MISC was listed as a constituent of the Dow Jones Sustainability Emerging Markets Index - the only Malaysian transportation sector company and one of the three Malaysian companies to do so.
