AET & Shell in Time Charter Agreement for Two LNG Aframax Tankers

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Image Courtesy: AET

On April 12, AET Inc. Limited and Shell International Trading and Shipping Company Limited formalised arrangements for the long-term charter of AET’s two newbuild LNG dual-fuelled Aframax tankers.

AET’s two 113,000 dwt vessels are currently being built by Samsung Heavy Industries in South Korea and are due for delivery from Q3 of 2018. The arrangements will see Shell take both vessels on a long-term charter commencing in Q4 of this year. When operating in gas mode, the two AET tankers will emit up to 30% less CO2, 85% less NOx, 99% less SOx and 95% less particular matters, making them among the cleanest Aframax tankers in the market.

Speaking at a ceremony to commemorate the time charter conclusion, AET’s President and CEO, Capt. Rajalingam Subramaniam, said, “As a world leading owner and operator of petroleum vessels, we have a responsibility to embrace the future of sustainable shipping. AET strives to proactively adapt and embrace the opportunities that emerge from the industry and global environment. Therefore, we took the decision to begin building LNG dual-fuelled Aframax vessels some time ago and these two Aframaxes are amongst the first to take their place in our global fleet. As part of the MISC Group and its Sustainability Agenda, AET upholds our environmental stewardship by consistently evaluating greener solutions, and our investment in the LNG dual-fuelled Aframax tankers is a further tribute to this.

Shell is a longstanding and highly valued partner, and we have been working together on these time charter arrangements for quite some time. The fact that Shell has agreed to charter our new ships is a true testament to their commitment to thriving throughout the energy transition and will encourage AET to forge ahead with our commitment to operate a future fleet, where at least half of our ships are fuelled with LNG.”

Sea News, April 13