Specializing in International Freight Forwarding, by way of ocean, air, rail and truck freight-RISINGSUN

SINGAPORE-HEADQUARTERED petroleum tanker owner-operator and a subsidiary of Malaysian energy logistics group, MISC Berhad, AET, has signed contracts worth US$500 for eight new vessels.

One order - for four Aframax vessels of 113,000 dwt to be delivered in 2018 - has been placed with with Samsung Heavy Industries Co Ltd (SHI), the company said.

A further contract was signed with Hyundai Heavy Industries Co Ltd (HHI) for two LR2 vessels of 114,000 dwt and two Suezmax vessels of 158,000 dwt which will be delivered in 2017.

The two LR2 vessels are tied to long-term time charters which AET has been awarded with a strategic oil major client. The six other newbuilds will replace older tonnage in the company`s fleet.

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."

President and group CEO of parent company MISC Bhd, Yee Yang Chien, added: "AET is a core part of MISC`s future business strategy and these two contracts demonstrates MISC`s commitment to ensuring our petroleum subsidiary remains at the forefront of its sector."

AET orders 8 newbuild tankers for US$500