AET Inks Order for Eight Tanker Newbuilds

Singapore tanker owner and operator AET has signed contracts for eight new vessels in a deal valued at approximately USD 500 million.

Samsung Heavy Industries Co Ltd (SHI) has been contracted to build four Aframax vessels of 113,000 dwt to be delivered in 2018.

A further contract was signed today 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 company said.

The two LR2 product vessels are tied to long term time charters, which AET awarded to an unnmaed oil major client. The six other new builds will replace older tonnage in the AET fleet and re-balance the fleet profile.

“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,”said Captain Rajalingam Subramaniam, AET board director.

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.”

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 system.

AET operates a fleet of 83 vessels comprising 13 VLCCs, 4 Suezmaxes, 1 Panamax, 50 Aframaxes, 4 DP shuttle tankers, 8 CPPs and 3 LR2 tankers

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