Yee Yang Chien News

MISC Berhad announced the change of President & CEO and Chairman of AET effective June 1, 2023. Zahid Osman has been appointed as the President & CEO, succeeding Capt. Rajalingam Subramaniam. The current Chairman, Datuk Yee Yang Chien will step down as of 31st May 2023, and Capt. Rajalingam will take over as the Chairman of AET on June 1, 2023.Currently, Osman is the Vice President of Corporate Planning at MISC. Osman joined the organization in 2017 as Vice President of Gas Assets and Solutions prior to his current role. He possesses more than 20 years of experience in the energy industry.

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.

MISC Berhad (MISC) has taken delivery of its sixth Very Large Ethane Carrier (VLEC) – Seri Elbert, from Hyundai Heavy Industries (HHI) shipyard in Ulsan, South Korea. Seri Elbert and her sister vessels - Seri Everest, Seri Erlang, Seri Emei, Seri Emory and Seri Emperor are a series of second generation VLECs – all of which were acquired by MISC from Zhejiang Satellite Petrochemical Co. Ltd. (STL) in July 2020.See related story on Seri Everest, one of Maritime Reporter & Engineeering News' Great Ships of 2020Mr.

MISC Berhad (MISC) has taken delivery of the world's largest very large ethane carrier (VLEC) at the Samsung Heavy Industries (SHI) shipyard in Geoje, South Korea.The newbuild 98,000 cubic meter capacity Seri Everest, MISC's first VLEC, is the lead vessel in a series of six that the shipowner purchased from Zhejiang Satellite Petrochemical (STL) in July 2020. Concurrently, MISC had also entered into time charter parties (TCPs) with STL, for the six VLECs to operate in international waters.

Malaysian shipowner AET said it signed a deal with Total's Chartering and Shipping Services SA for the time charter of two liquefied natural gas (LNG) dual-fuel very large crude carriers (VLCC). The two newbuilds, which are able to carry about 300,000 tons of crude oil each, are scheduled to be delivered to AET from the first quarter of 2022.The two newbuilds will be powered by LNG and will be among the most environmentally friendly VLCCs in the market. When in service, they will emit around 20% less CO2 greenhouse gases than conventional vessels; 85% less NOx and 99% less SOx.

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…

Maritime industry partners striving to advance shipping's decarbonization efforts are working to develop an ammonia-fueled tanker, classification society Lloyd's Register (LR) announced.The joint development project (JDP) involving LR and shipping line MISC Berhad, builder Samsung Heavy Industries (SHI) and engine maker MAN Energy Solutions aims to develop commercially viable deep-sea zero-emissions vessels (ZEVs) that would be operational by 2030, ahead of the International Maritime Organization’s 2050 greenhouse gas (GHG) emissions target.Nick Brown…

Malaysia International Shipping Corporation Berhad (MISC) said that its unit  AET Tanker Holdings Sdn Bhd has secured long term contracts for three Suezmax class Dynamic Positioning Shuttle Tankers (DPST) by Brazil Shipping I Ltd for RM1.01 billion (US$245 million).AET will own and operate these newbuilding Suezmax Class DPSTs for operations in international and Brazilian waters. The charter is expected to commence in 2022.According to a press note from the international shipping line of Malaysia, these long-term time charter contracts will further reinforce AETs position as one of the global market leaders in the niche DPST market in addition to fortifying its position as amongst the world’s leading international petroleum shipping solutions providers.Yee Yang Chien…

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 Berhad (MISC) through its subsidiary have signed an agreement with Mitsubishi Corporation and Nippon Yusen Kabushiki Kaisha (NYK) to co-own two newbuild LNG vessels mainly for the LNG Canada project.Both LNG carriers have a capacity of 174,000 cubic meters (cbm) and are currently being built by Hyundai Samho Heavy Industries (HSHI). These vessels will feature state-of-the-art technologies including modern XDF propulsion and partial re-liquefaction facility for higher efficiencies…

Malaysian shipping group MISC Berhad (MISC) has received a time charter contract from Idemitsu Kosan (IKC) for the provision of a floating, storage and offloading (FSO) vessel in Vietnam.The energy-related maritime solutions and services provider said in a press release that the contract that it received through its 51%-owned joint-venture with PetroVietnam Technical Services Corporation (PTSC) i.e. Malaysia Vietnam Offshore Terminal (L) Limited (MVOT), represents the expansion of MISC’s footprint as a leading player in providing offshore solutions in the ASEAN region.MISC has close to 10 years of experience in Vietnam’s offshore development in a joint venture partnership with PTSC and currently operates two floating assets…

A who’s who list of maritime industry executives have signed on to voice their support for a zero-carbon future in shipping.The not-for-profit foundation the Global Maritime Forum brought together a group of 34 CEOs and industry leaders from across the global maritime sector to sign a call for action and lead the industry in a transition toward decarbonization.To achieve this, these leaders believe the maritime industry needs to accelerate both technological and business model innovation…

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.

Malayasia-based MISC Berhad  has secured a long-term charter contract from Hess Exploration and Production Malaysia  for the lease of a floating, storage and offloading facility (FSO) known as FSO Mekar Bergading on a bareboat basis. The long-term charter contract is pursuant to a sale and charter agreement between MISC and HESS in respect of the FSO, which also resulted in MISC acquiring ownership of the FSO. The investment is consistent with the MISC2020 strategy of which one of the target is to achieve a sustainable level of secured profit by year 2020 and MISC has been exploring opportunities to diversify the profit stream contribution across all business segments, including acquisition of assets that are able to give the Company secure and sustainable income.

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.

MISC Bhd, the shipping arm of Petroliam Nasional Bhd or Petronas, which is optimistic of delivering better earnings in its financial year 2018, is setting aside a bigger capital expenditure (capex) totalling RM15.68 billion (US$4 billion) over the next five years to grow its four core businesses, reports Bernama. The core segments are liquefied natural gas (LNG) shipping; petroleum and product shipping; offshore business; and marine and heavy engineering. President and Chief Executive Officer Yee Yang Chien said US$500 million would be set aside for potential FPSO and shuttle tanker contracts yet to be secured this year. “However, that amount (US$500 million) can be increased if we bag more contracts this year.

AET has unveiled its two new long-range (LR2) petroleum tankers from Hyundai Heavy Industries (HHI) at HHI’s Gunsan Shipyard, Korea, on Thursday, 8 June 2017. The Singapore flagged 114,000dwt Eagle Lyon and French-flagged Eagle Le Havre, are owned by AET, and have been taken on long-term charter by French oil major TOTAL. The sister vessels were ceremonialised at a naming ceremony in Gunsan, which was graced by Yee Yang Chien, AET Chairman and President/Group CEO of MISC Berhad, and Capt. Rajalingam Subramanian, President & CEO of AET, along with senior representatives from TOTAL’s Trading and Shipping Division. The vessel was blessed by Godmother to the vessel, Mrs Helle Kristoffersen, Senior Vice-President, Strategy and Corporate Affairs Gas Renewables and Power Division, TOTAL.

Malaysia’s MISC Berhad (MISC), a world leading energy related maritime solutions and services provider has taken delivery of Seri Cempaka, the third in a series of five Moss-Type Seri-C Class Liquefied Natural Gas (LNG) carriers. The 150,200 CBM LNG carrier has been built for MISC by Hyundai Heavy Industries (HHI), and benefits from an Integrated Hull Structure (IHS) with four spherical tanks shielded by a continuous cover, fortifying the vessel to allow for operation in even the harshest marine environments. Seri Cempaka joins her sister MOSS-Type newbuilds Seri Cenderawasih, and Seri Camellia on longterm charter to PETRONAS. Owned by MISC, the Malaysian-flagged vessel was delivered at a naming ceremony held at the HHI yard in Ulsan, South Korea, attended by Y. Bhg.

Malaysian shipping line MISC Berhad has recorded a 58.7% drop in its earnings for the second quarter of this year compared to the previous corresponding quarter. The company announced a net profit of RM 556.5mln in its quarter ending June 30, 2017, compared to RM 1.34bln in the last corresponding quarter. The decrease in profit was in part owing to an impairment loss on ships, property, plant and equipment of RM 133.6mln. Group revenue for the quarter ended 30 June 2017 of RM 2.303 bln was 3.8% lower than the corresponding quarter’s revenue. The decrease in Group revenue was mainly due to lower freight rates and earning days for Petroleum segment as well as lower revenue from Heavy Engineering segment as most on-going projects are nearing completion.

Malaysia International Shipping Corporation Berhad (MISC)'s net profit plunged 87.1% to RM 68.2 million (USD 17.36 mln) for the fourth quarter ended December 31, 2017 compared with RM 529.8 million (USD 134.88 mln) in the previous corresponding period. MISC said the oversupply of tonnage and cut in global oil production by OPEC in 2017 will continue to weigh on the petroleum shipping segment in 2018. However, a smaller order book for tankers and robust oil demand projections amidst declining global crude inventory will help improve tanker supply-demand balance. “Similarly, the liquid natural gas shipping segment faces an ongoing tonnage oversupply situation and the difficult market will persist in 2018.

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.

MISC Berhad held the naming and delivery ceremony of its new Floating, Storage & Offloading (FSO) facility for Chevron Offshore (Thailand) Limited (COTL), the FSO Benchamas 2. The project marks MISC’s maiden foray into Thailand’s offshore oil and gas sector as well as its first partnership with COTL in the offshore space. The contract for the lease and operations FSO was secured through an international competitive bidding process and was signed between MISC Offshore Floating Terminals (L) Limited (MOFT) and COTL in August 2016.