AET signs contracts for eight new vessels in multi-million pound deal

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Paper boats in different colorsPetroleum tanker-owner operator AET has signed contracts for eight new vessels in a deal estimated to be worth $500million.

This week AET contracted with Samsung Heavy Industries Co Ltd (SHI) for four Aframax vessels of 113,000 dwt to be delivered in 2018. A further contract was signed with Hyundai Heavy Industries Co Ltd   (HHI) for two LR2 product vessels of 114,000 dwt and two Suezmax vessels of 158,000 dwt which will be delivered in 2017.

The two LR2 product vessels are tied to long term time charters which AET has been awarded with a strategic oil major client. The six other new builds will replace older tonnage in the AET fleet and re-balance the fleet profile ensuring AET continues to deliver optimum solutions for its customers.

On signing the contracts, Captain Rajalingam Subramaniam, an AET board director said: “As a leading operator of petroleum tankers, it is important that our fleet remains young and agile so that we retain the capability to react to the evolving requirements of our customers. Part of that commitment is ensuring our new vessels are the best in class, providing a sustainable level of service to our customers. They incorporate a range of latest eco-innovations to help minimise the carbon footprint of AET and that of our customers. The MISC Group has previously contracted newbuilds from both Samsung and Hyundai and we are confident that both yards will deliver world-beating, state-of-the-art vessels for us”.

Mr Yee Yang Chien, President & Group CEO of parent company MISC Bhd, added: “AET is a core part of MISC’s future business strategy and these two contracts demonstrates MISC’s commitment to ensuring our petroleum subsidiary remains at the forefront of its sector. We will continue to invest in AET to ensure it is underpinned with the assets it requires to deliver the highest quality ocean transportation solutions available in today’s market. ”

In line with AET policy, the new vessels will be fitted with a range of latest eco-innovations to maximise fuel efficiency and their impact on the natural environment – this will enable them to be awarded the “green passport” notation. They will also be fitted with IMO compliant ballast water management systems.