Weaker tanker rates and higher bunker costs are set to take their toll on first quarter results at MISC, say analysts at Singapore’s UOB Kay Hian.

“Based on crude tanker rates up until April 2017, both spot and long-term charter rates had declined significantly year-on-year due to the influx of new global vessel deliveries and high refinery outages in the early part of the year,” said analyst Kong Ho Meng.