It is reported that MISC, the world's largest operator of liquefied natural gas tankers by fleet size, plans to exit the container shipping operations, which have been weighing down its results over the last three financial years.

The Malaysian carrier will pull out of the container shipping business by June 30th 2012.

MISC will incur a one time cost of USD 400 million due to the move, resulting in a loss for the financial year ending December 2011, but will be positive for earnings over the longer term.

The company reported separately a 62% drop in net profit for the July to September 2011 period at USD 44.22 million as compared with USD 115.85 million during the same three months a year earlier. Revenue slipped 15.2% to USD 821.7 million from USD 969.11million.

It blamed depressed aframax freight rates, lower liftings and high bunker costs for the weak results in the quarter. MISC has recently changed its financial year from end March end to end December.

MISC said THAT "The exit process will involve the withdrawal from various trade alliances and termination of related service and operational contracts."

(Sourced from www.jctrans.net)