Malaysia's AET to expand fleet with $500m investment
Malaysian-owned global shipping company AET Petroleum Tankers, a wholly owned subsidiary of MISC, has invested $500m to purchase eight new vessels, in a bid to expand its current fleet.
AET has selected Samsung Heavy Industries (SHI) and Hyundai Heavy Industries (HHI) to deliver the vessels.
Under the terms of the contract, SHI will deliver four new 113,000 deadweight tonne (dwt) Aframax vessels to AET.
HHI will deliver two 114,000dwt LR2 product along with two Suezmax vessels of 158,000dwt in 2017.
AET board director Captain Rajalingam Subramaniam 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 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."
The Aframax vessels are slated to be delivered in 2018.
The two LR2 product vessels have been assigned to strategic oil major client of AET.
The new vessels will feature a wide range of latest eco-innovations such as IMO compliant ballast water management systems to minimise the impact on the natural environment.
Additionally, six other new builds will replace older tonnage in the AET fleet ensuring optimal solutions for the AET customers.
In 2010, AET contracted Samsung Heavy Industries to deliver four Suezmax tankers for $271m.
The petroleum tanker owner currently operates a fleet of 83 vessels.