KUALA LUMPUR: MISC Bhd’s (MISC) unit, AET Tanker Holdings Sdn Bhd (AET) has secured long term contracts for three Suezmax class Dynamic Positioning Shuttle Tankers (DPST) by Brazil Shipping I Ltd for US$245 million (RM1.01 billion).
MISC president and group chief executive officer Yee Yang Chien said the award was a result of the company’s continuous focus on its growth strategy of investing in quality assets on demand for long term charters to premium customers for long-term secured revenue streams.
“These long-term time charter contracts are a strong recognition of the diverse expertise and capabilities of MISC and its subsidiaries in creating solutions for our global customers coupled with resilient strength to compete against the best in the global shipping industry to support energy demand worldwide,” he said in a statement today.
The company said it has entered 2020 with a strong foothold and momentum to sustain its track record of delivering quality, secured and recurring profits and operating cashflow.
MISC said the contract would reinforce AET’s position as one of the global market leaders in the niche DPST market.
AET will own and operate these newbuilding Suezmax Class DPSTs for operations in international and Brazilian waters.
The contract which is expected to commence in 2022, would also fortify AET’s position as amongst the world’s leading international petroleum shipping solutions providers.
AET is the petroleum shipping unit of MISC and specialises in the global ocean transport of petroleum.