AET and TOTAL agree Time Charter for two LNG dual-fuel VLCCs
7 April 2020, Singapore – AET, a leading energy logistics provider, announced today an agreement with Chartering and Shipping Services SA, (a wholly owned subsidiary of Total SA) for the time charter of two LNG dual-fuel VLCCs. The two newbuilds are scheduled to be delivered to AET from Q1 2022.
Making the announcement, Mr Yee Yang Chien, Chairman of AET and President/Group CEO of MISC Berhad said:
“AET is MISC Group’s wholly owned petroleum shipping subsidiary and today’s agreement cements its global position as a world class energy logistics provider. We subscribe to a robust sustainability agenda which reaches into all corners of our business and includes a commitment to protect the natural environment alongside a strong focus on maintaining business stability and continuity. Today’s agreement with Total takes us a step further in delivering on that agenda. As a Group, we took early and bold decisions to invest in LNG dual-fuel vessels and I am pleased to see the industry responding so positively to our strategy. I am delighted we have made this agreement with Total and I’d like to thank them for their confidence in AET”.
The two newbuilds will be powered by LNG and will be amongst the most environmentally friendly VLCCs in the market. When in service, they will emit around 20% less CO2 greenhouse gases than conventional vessels; 85% less NOx and 99% less SOx. In addition, 99% fewer fine particles will be released. Immediately, these vessels comply with IMO Tier III levels, IMO 2020 sulphur cap and represent a significant step towards the IMO’s ambition to reduce carbon emissions by 50% by 2050 from a 2008 baseline.