[RAM] RAM Ratings affirms Bintulu Port Holdings at AAA on steady operational and financial performance

RAM Ratings has affirmed Bintulu Port Holdings Berhad’s (BPHB or the Group) AAA/Stable/P1 corporate credit ratings, reflecting the steady operational and financial performance of its wholly owned subsidiary, Bintulu Port Sdn Bhd, Malaysia’s sole LNG export terminal operator. 

BPHB is viewed to have a ‘very high’ likelihood of receiving extraordinary financial support from both federal and state governments, if necessary, under our support assessment for government-linked entities. This assessment is underppined by Bintulu Port’s strategic role in the Sarawak Corridor of Renewable Energy (SCORE) and industrialisation expansion, with port development identified as a strategic pillar in the state’s economic and sustainability goals. 

Bintulu Port – Sarawak’s largest port – is currently transitioning from federal to state ownership following the dissolution of the Bintulu Port Authority Act 1981. The port is presently operating under an interim arrangement while negotiations continue with the state government for a new Port Operation Agreement and Port Development Plan. The Sarawak government is in the process of establishing the Sarawak Ports Authority, which will consolidate regulatory oversight of the state’s ports. 

Bintulu Port remains central to Sarawak’s oil and gas economy, with the Group’s board – comprising largely government representatives – continuing to guide its strategic direction and financial stability. BPHB's logistics services for industrial development (particularly energy-intensive, metal and petrochemical industries under SCORE) in the Bintulu district remains closely aligned with the state’s strategy to develop green economic hubs, and its provision of marine services to Sarawak Petchem Sdn Bhd’s methanol complex further underscores its operational significance. 

In 2024, BPHB’s cargo throughput rose to 51.92 mil tonnes (2023: 48.77 mil tonnes), driven by LNG handling, supply base activities and stronger non-LNG cargo. For 9M 2025, revenue held steady at RM600.96 million (-1.2% y-o-y), with planned maintenance at Malaysia LNG Sdn Bhd’s facility moderating LNG volumes.

As at end-September 2025, BPHB maintained strong liquidity, with RM1.38 bil in cash against borrowings of RM819.35 mil and short-term lease liabilities of RM40.43 mil. The Group’s debt coverage and leverage metrics will remain within expected parameters after a scheduled sukuk principal repayment of RM100 mil in December 2025. While industry cyclicality, tariff and lease structure uncertainties, and concession risks moderate BPHB’s risk profile, ongoing capital spending and the expected outcomes of regulatory negotiations are supportive its financial metrics and credit strength.


Analytical contacts
Chew Chiang Lim
(603) 2708 8297
chianglim@ram.com.my

Davinder Kaur Gill
(603) 2708 8220
davinder@ram.com.my

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