AET Bags USD 245 Mn Charter Deal with Shell

Shuttle tankerIllustration; Image Courtesy: MISC, AET

Petroleum and chemical tanker owner AET Tanker Holdings, an entity of MISC Berhad, has secured three time charter contracts with Brazil Shipping I Limited, a subsidiary of Royal Dutch Shell, worth USD 245 million.

Under the terms of the deal, AET said it would own and operate the related newbuilding Suezmax Class Dynamic Positioning (DP) shuttle tankers for operations in international and Brazilian waters.

Further details on the construction of the shuttle tankers were not disclosed.

The long-term time charter is expected to commence in 2022.

“The contract does not have any effect on the issued and paid up share capital and substantial shareholding in MISC. The contract is also not expected to have any material impact to the earnings per share, gearing and net assets per share of the MISC Group for the financial year ending 31 December 2019,” MISC said in an exchange filing.

Shell’s first contract involving AET’s dynamic positioning shuttle tanker portfolio was signed in 2018 when Brazil Shipping Limited 1 sealed a deal with AET to build and operate an IMO Class 2 shuttle tanker.

The duo has had long cooperation in other segments, including the chartering of Aframax vessels on long-term charter.

The company has several dynamic positioning tankers operating in the Brazilian Basin for Petrobras and in the North and Barents Seas for Norwegian energy company Equinor.

In October this year, AET named two LNG dual-fuel dynamic positioning shuttle tankers, built by Samsung Heavy Industries (SHI), Eagle Blane and Eagle Balder.

The twin-skeg 123,100 dwt vessels have been hired by Equinor on long-term charter for operations both in oilfields on the Norwegian Continental Shelf of the North Sea, Norwegian Sea and the southern Barents Sea, as well as on the UK Continental Shelf.

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