AET signs agreement to acquire 100% of Paramount Tankers

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man in suit pen annual reviewAET has agreed to purchase the remaining 50% of Paramount Tankers that it currently jointly owns (under a 50/50 joint venture agreement) with Golden Energy Tanker Holdings.

Paramount Tankers is a JV which owns and operates six Aframax vessels. Commercial management is delivered by AET and technical management is provided by Enterprises Shipping and Trading.

President & CEO of AET, Captain Rajalingam Subramaniam said: “We are continually looking for opportunities to ensure sustainable growth in our business and to own / operate modern tonnage which serves our customer needs globally. Acquiring the Paramount JV in its entirety allows us to own and operate all six vessels on our own. We are the commercial managers for the vessels and have commenced taking over the technical management. The vessels are of a high quality design and built to our lightering specifications and can trade world – wide to serve our global client needs. This transaction demonstrates our commitment to our customers, shareholders, stakeholders and the industry we operate in.”

He added: “Paramount Tankers has been an extremely successful joint venture and I’d like to thank our partners for their unwavering support over the past six years.”

AET expects the transaction to be concluded by September 2016.