MISC BERHAD 80 INTEGRATED ANNUAL REPORT 2023 81 www.miscgroup.com BUSINESS REVIEW SECTION 7 Gas Assets & Solutions WHAT WE DO Gas Assets & Solutions, backed by decades of proven experience, strong reputation for operational excellence, reliability and on-time cargo deliveries, remains committed to pushing boundaries in the gas shipping industry, with a primary focus on LNG, ethane transportation and new LNG asset-based solution opportunities such as FSU, Floating Storage Regasification Unit (FSRU) and Floating Storage Regasification Powerplant (FSRP), while leveraging on cutting-edge technology solutions. In line with the global energy transition, we are venturing into clean energy business initiatives, including the development of ammonia-fuelled ammonia carriers and LCO2 carriers. We aim to be at the forefront by providing reliable, efficient and sustainable solutions to meet the evolving challenges in the global gas shipping market by collaborating with technology partners and other segments within the MISC Group. This strategic approach highlights our commitment to innovation whilst upholding rigorous HSSE standards in delivering quality services to all our clients. Achieving operational excellence in a world that is constantly disrupted by concerns on energy security, financial volatility, environmental challenges and rapid technological developments requires a certain amount of resilience and drive. At Gas Assets & Solutions, we view these challenges not as obstacles, but as catalysts for innovation and a redefinition of our approach to business. Throughout 2023, our focus was on capitalising on growth opportunities to enhance operational efficiency, financial resilience and maintain our competitive edge. We took progressive steps to explore opportunities within the clean energy sector and enhanced our sustainable initiatives by integrating energy-efficient technologies into our business. This approach not only unlocked value from our existing vessels but also ensured compliance with international regulations. Moving forward, our strategy is clear: to continuously deliver value to our stakeholders through our sustainable solutions while progressing towards MISC’s 2030 Aspiration. This journey, we believe, embodies the essence of progress - a blend of strategic foresight, innovative thinking and unwavering commitment - that defines our path towards sustainable success. Hazrin Hasan Vice President, Gas Assets & Solutions Gas Assets & Solutions Unlock Value from Existing Assets Optimisation • Enhanced vessel utilisation and value from existing tonnage • Achieved more than 99% vessel utilisation. • Converted Puteri Delima Satu into an FSU to secure long-term earnings • Unlock capital via sale and leaseback under the Nissen Kaiun partnership Asset Portfolio Rejuvenation Growth • Added new generation LNGCs to existing fleet portfolio • Expanded current portfolio with the addition of FSU • Delivered two new LNGCs to SeaRiver Maritime (SRM) LLC, a wholly-owned subsidiary of ExxonMobil • Entered into a binding HOA with PLNG2SB for the supply, operation and maintenance of an FSU Sustainability & Compliance Sustainability • Focused on new assets with greater efficiency and lowering emission on existing assets Compliance • Ensured adherence to international standards and requirements • Seri Damai and Seri Daya achieved Green Ship status • FSU for PLNG2SB is designed to receive shore power to reduce emissions • ShaPoLi are installed on our existing vessels to assist in meeting emission regulations Focus Area What We Did in 2023 Results KEY FOCUS AREAS AND RESULTS KEY ACHIEVEMENTS Revenue (RM million) Vessel Utilisation 2023 2022 3,263.9 3,113.4 Operating Profit (RM million) 2023 2022 1,572.1 1,536.6 1 Operational Excellence • Delivered 23.8 MTPA worth of cargo, approximately 6% of the global LNG transportation volume 2 Project Delivery Excellence • Conducted steel cutting for the consortium’s first vessel for QatarEnergy in Shanghai, China. The consortium consists of MISC Berhad, Nippon Yusen Kabushiki Kaisha (NYK), Kawasaki Kisen Kaisha, Ltd. (K-Line) and China LNG Shipping (CLNG) Milestones Awards and Recognitions Innovative Sustainability-Linked USD527 million Senior Secured Term Loan for six VLECs with environmental and governance key performance indicators (KPIs). Sustainability-Linked Deal of the Year for Asia by Marine Money Achieved Green Ship status for Seri Damai and Seri Daya. Green Ship Status 2023 >99% 2022 >99%
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