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.
The two LR2 product vessels are tied to long-term time charters which AET has been awarded with an oil major
client. The other six newbuilds will replace older tonnage in the AET fleet and rebalance the fleet profile, the company said.
AET noted that the new vessels will be fitted with a range of green features to maximize fuel efficiency and limit environment impacts on the. They will also be fitted with IMO-compliant ballast water management systems.
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 minimize 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.”
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. ”