Misc Group News

Malaysia’s MISC Group has entered into time charter party (TCP) and shipbuilding contracts for the development of world’s first two ammonia dual-fuel Aframax oil tankers.The TCP contract has been signed with Petronas' PETCO Trading Labuan Company (PTLCL), through MISC Group's petroleum arm AET.Using these vessels, PTLCL will be able to transport its products to customers around the world while contributing to the industry decarbonization by utilizing ammonia as the cleaner alternative…

Energy and marine consultancy ABL Group has secured a contract by POSH Projects to act as tow master to support and supervise the towage of the Mero 3 FPSO from Yantai in China to Brazilian waters.As part of its scope of work, ABL’s operations in Singapore will provide a tow master to act as client representative throughout the 12,108 nautical mile towage.The tow master will supervise and ensure that all marine operations for the sail away from Yantai CIMC Raffles Shipyard are carried out in-line with approved recommendations and procedural documentation.

AET, a member of the MISC Group, held a naming ceremony in Singapore for its latest liquefied natural gas (LNG) dual-fuel very large crude carrier (VLCC), Eagle Veracruz.The Singapore-flagged 300,000 dwt tanker was named by Singapore’s Minister for Sustainability and the Environment (MSE) Grace Fu, who is also the Lady Sponsor of the vessel. The ceremony, which was held at the PSA Keppel Terminal, also saw attendance by Teo Eng Dih, Chief Executive of Maritime and Port Authority of Singapore (MPA) and senior officials from MSE…

Malaysia's MISC Group signed an agreement to develop ammonia engines for ships, marking a step towards zero-emission shipping operations, the company said.MISC-owned AET and Akademi Laut Malaysia (ALAM) have signed an agreement with WinGD to develop engines for ammonia dual-fuelled vessels, a first for deep-sea vessels, MISC said in a statement.ALAM also signed an agreement with shipping classification society DNV for the training, research and development of maritime professionals to meet workforce needs for a low- and zero-carbon pathway.

Tanker operator AET announced it has signed a memorandum of understanding (MOU) with Malaysia's PETCO Trading Labuan Company Ltd (PTLCL) to explore a potential collaboration to deploy a future zero-emission Aframax tanker powered by green ammonia.AET said it would be responsible for selecting a suitable shipyard to build the net zero-emission dual-fuel tanker, which would be delivered to PTLCL for long-term charter by 2026.The companies also intend to collaborate on the design…

Thai national energy company PTT and tanker operator AET have signed a Memorandum of Understanding (MOU) for the development and construction of two zero-emission Aframaxes to be powered by green ammonia.Jointly, PTT and AET working to encourage the use of green ammonia as a main propulsion fuel. AET will select a suitable shipyard and the two zero-emission dual-fuel tankers are to be delivered to PTT for long-term charters in Q4 2025 and Q1 2026 respectively.Disathat Panyarachun…

Tanker shipping company AET on Thursday named its newest vessel, Eagle Crato, the final of three Suezmax Dynamic Positioning (DP2) shuttle tankers purpose-built for long-term charter to Petróleo Brasileiro S.A. – Petrobras, based on the agreement signed in February 2020.The Eagle Crato was unveiled at a naming ceremony held at the Samsung Heavy Industries (SHI) Shipyard in Geoje, South Korea. Eagle Crato will be delivered to AET on Friday, and subsequently to Petrobras to commence her operations in the Brazilian Basin in a few weeks…

MISC Group’s President/Group Chief Executive Officer (CEO), YBhg. Datuk Yee Yang Chien announced his plan to retire effective September 30, 2022. Datuk Yee will turn the helm over to Captain Rajalingam Subramaniam, MISC’s Chief Operating Officer and AET’s President & CEO, who will assume the role of MISC Group’s President/Group CEO effective October 1, 2022.Datuk Yee said, “It has been a great honour for me to be given the responsibility to lead MISC Group back in 2015. It is more than a job or duty for me…

Tanker operator AET announced it has named its new dual-fuel very large crude carrier (VLCC) Eagle Valence.Named during a virtual ceremony at Samsung Heavy Industries (SHI) in Geoje, South Korea, the 300,000 dwt newbuild is the first of two liquefied natural gas (LNG) dual-fuel VLCCs being built for long-term charter to Chartering and Shipping Services SA, a wholly owned subsidiary of TotalEnergies SA, based on an agreement signed in April 2020.Eagle Valence’s sister vessel is currently under construction at SHI and is due to be delivered in the second quarter of this year.Capt.

Malaysia International Shipping Corporation Berhad (MISC) announced that its wholly-owned subsidiary, AET Tanker Holdings Sdn Bhd, has been awarded long-term charter contracts for three newbuilding Suezmax DP2 Shuttle Tankers from Petróleo Brasileiro S.A. – Petrobras of Rio de Janeiro, Brazil.AET, the petroleum shipping unit of MISC and specializes in the global ocean transport of petroleum, will own and operate the newbuilding Suezmax DP2 Shuttle Tankers for operations in Brazilian and international waters.The estimated contract value is USD525.6million and the charter is expected to commence in 2022, said a release.The new long-term…

AET, a petroleum tanker owner and operator, has named its newest vessels, two of the world's first LNG Dual-Fuel Dynamic Positioning Shuttle Tankers (DPSTs). The vessels, the cleanest DPSTs ever built, will emit 40-48% less carbon than equivalent vessels built in 2008, meeting the International Maritime Organization's (IMO) target of reducing carbon (CO2) emissions by 40% against 2008 baselines by 2030, and halving CO2 emissions by 2050.These LNG Dual-Fuel DPSTs also emit 85% less SOx…

MISC has announced its financial results for the financial period ended March 31, 2019.Financial Highlights:Group revenue for the quarter ended March 31, 2019 was higher than the corresponding quarter ended March 31, 2018.Group profit before tax for the quarter ended March 31, 2019 was higher than the corresponding quarter ended March 31, 2018.Group Revenue, Operating Profit and Profit Before Tax for the Quarter Ended March 31, 2019Group revenue for the quarter ended March 31,2019 of $544 million was 12.7% higher than the corresponding quarter’s revenue of $482 million.

Shuttle tanker owner AET, a wholly-owned subsidiary of  Malaysia's MISC Group, has won its first contract with Shell in Brazil to time charter one new-build dynamic positioning shuttle tanker (DPST).AET earlier this year sealed a long-term charter for two newbuild LNG-fuelled Aframax tankers with Shell that is set to begin in the fourth quarter of this year.AET President & CEO Capt. Rajalingam Subramaniam said: “Shell has chosen to use our shipping services for many years and we were happy when the company opted to charter our two newbuild LNG dual-fuelled Aframax vessels on long-term charter earlier this year. But this is the first time we’ve contracted with Shell to build and operate a dynamic positioning shuttle tanker.

Malaysian shipping firm MISC Group has taken delivery of Seri Cemara, the final vessel in a series of five MOSS-Type liquefied natural gas (LNG) carriers built for long-term charter to Petronas.The 150,200 CBM LNG carrier has been built for MISC by South Korean shipbuilder Hyundai Heavy Industries Co., Ltd. (HHI). Upon its delivery, Seri Cemara joins her sister MOSS-Type carriers Seri Camellia, Seri Cenderawasih, Seri Cempaka and Seri Camar on long-term charter to Petronas.The new generation of Seri C Class LNG carriers have been designed for worldwide trading capability to enable them to call at all major LNG terminals in the world as well as loading capability at floating LNG (FLNG) units.

Bureau Veritas (BV) has been awarded a contract by MISC Berhad (MISC) to deploy and support the VeristarAIM3D ‘software as a solution’ system to provide asset integrity services on selected MISC FPS systems:the Floating Storage & Offloading (FSO) vessel -FSO Benchama 2and the Floating Production, Storage & Offloading (FPSO) vessels - MaMPU1 and FPSO Cendor. Veristar AIM3D is BV’s sophisticated, full life-cycle Asset Integrity Management System, developed in partnership with Dassault Systèmes. Released in April 2017, it incorporates a unique combination of 3D enabling a digital twin of assets with smart data processing, via a connected platform to enabledata collection, updates, visualization,and data processing – with clear visibility through dashboards.

Malaysian-owned global shipping company specialising in the ocean transport of crude oil and refined products  AET Tankers and Shell International Trading and Shipping Company  formalised arrangements for the long-term charter of AET’s two newbuild liquefied natural gas (LNG) dual-fuelled Aframax tankers. AET’s two 113,000 dwt vessels are currently being built by Samsung Heavy Industries in South Korea and are due for delivery from Q3 of 2018. The arrangements will see Shell take both vessels on a long-term charter commencing in Q4 of this year. When operating in gas mode, the two AET tankers will emit up to 30% less CO2, 85% less NOx, 99% less SOx and 95% less particular matters, making them among the cleanest Aframax tankers in the market.

MISC Group has taken delivery of the 150,200 CBM liquefied natural gas (LNG) carrier Seri Camar, the fourth in a series of five newbuild MOSS-Type Seri C Class vessels built by Hyundai Heavy Industries (HHI). Owned by MISC, the Malaysian-flagged Seri Camar joins sister vessels Seri Cenderawasih, Seri Camellia and Seri Cempaka on long-term charter to PETRONAS. The delivery brings the current number of MISC’s LNG fleet to 28 vessels. The vessel was delivered at a naming ceremony held at the HHI yard in Ulsan, South Korea, attended by PETRONAS Executive Vice President & CEO Upstream, Y. Bhg.

Statoil ASA and petroleum and chemical tanker owners and operator AET are extending their partnership in the North Sea shuttle tanker sector. Statoil has, awarded a long-term contract to AET, a subsidiary of Malaysian energy shipping group, MISC Berhad, to operate two specialist DP2 offshore loading shuttle tankers (OLSTs) on long-term charter. These new vessels will be in addition to the two AET DP2 ships currently on charter, in the same area, for Statoil. These new vessels are in addition to the two AET DP2 ships currently on charter in the same area for Statoil.

* Group revenue for the quarter and the 6 months period ended 30 June 2016, were lower than the corresponding quarter and 6 months period ended 30 June 2015. * Group profit before tax for the quarter and the 6 months period ended 30 June 2016, were higher than the corresponding quarter and 6 months period ended 30 June 2015. MISC Group announces its financial results for the financial year ended 30 June 2016. Group revenue for the quarter ended 30 June 2016 of RM2,392.4 million was 8.0% lower than the RM2,600.5 million revenue for the corresponding quarter. The decrease in Group revenue for the quarter ended 30 June 2016 was mainly from…

Malaysian state-owned shipping company MISC has bought the remaining 50% stake in the Gumusut-Kakap Semi-Floating Production System Limited (GKL) for $445m from E&P Venture Solutions (EPV), part of Petronas Carigali. GKL, a wholly-owned subsidary of PETRONAS Carigali Sdn Bhd (PCSB), owns the Gumusut-Kakap semisubmersible floating production system (FPS), which is now on a 25 year charter with Sabah Shell Petroleum Co. - a unit of Royal Dutch Shell plc. - that commences October 2014. MISC told Bursa Malaysia on Wednesday that it had sold the stake in GKL, which left it with the remaining 50%, to strengthen the group’s financial position, which has since improved significantly.

AET, an owner and operator of petroleum tankers, has signed contracts worth approximately $500 million combined for the construction of eight new vessels. AET on Tuesday contracted Korean shipbuilder Samsung Heavy Industries Co Ltd (SHI) for four 113,000 dwt Aframax vessels to be delivered in 2018. The shipper then signed an additional contract Wednesday with another Korean builder Hyundai Heavy Industries Co Ltd (HHI) for two 114,000 dwt LR2 product vessels and two 158,000 dwt Suezmax vessels for delivery in 2017.