AET orders two aframax tankers
AET, a subsidiary of Malaysian-based MISC, ordered two aframax tankers. at Japanese yard Tsuneishi Corporation, a follow-on to a contract for four similar ships placed with the same yard in October. The latest two new 107,500dwt newbuildings are due to be delivered in 2011 to service existing customers. This new order brings the total of ships on order for AET and its joint venture partners to 25.
In a separate agreement, AET took delivery of a 1996-built aframax tanker on a three year charter from Genmar. The 96,183dwt vessel, named Genmar Ajax, will be employed mainly to support AET’s lightering business in the US Gulf. Genmar will retain commercial management of the vessel whilst AET becomes desponent owner throughout the life of the contract.
AET’s CEO, Amir Hamzah Azizan, said: “In November we sold and leased-back five of our aframax vessels and we are currently in negotiations to sell a sixth vessel. The order for two new aframaxes, to complement the four we are already building, will replace the six vessels we have sold. But the lease-back arrangements mean that we are still operating five of those vessels and, with the six newbuildings and the additional in-charter, we are continuing to grow our fleet and our business. Whilst we will always be predominately a shipowner, these recent deals enable us to achieve a better balance between owned vessels and in-charters.”
He went on to say: “A central part of our business ethos is to cement long-standing relationships with customers and partners and I am delighted to see our relationships with Tsuneishi Corporation and Genmar developing in this way.”