MISC and AET to merge chemical and product tanker fleets
KUALA LUMPUR: MISC Bhd will merge its chemical fleet with the clean petroleum products (CPP) fleet operated by its petroleum unit, AET to create a consolidated products business
MISC – an international energy logistics group – said on Friday that under the new arrangements, AET will take over the 13 chemical vessels and one LPG tanker currently owned/operated by MISC and combine them with its own fleet of eight CPPs to create a new, single entity.
The new arrangements involve transferring MISC’s seven “Bunga A” class vessels (38,000 dwt) which are owned by the company along with six “Bunga L” class (19,900 dwt) and one LPG vessel (20,613 dwt) which are all currently operated on long-term bareboat charters.
These vessels will combine with AET’s eight CPP tankers. No changes will be made to the flag or classification society and MISC Berhad will continue to provide technical management for the chemical tankers and LPG vessel.
MISC president and group CEO Yee Yang Chien said there were significant synergies from merging the two fleets and creating a consolidated products business.
“Our chemical and CPP fleets have many customers in common and this merger enables us to offer them added value through additional capacity and flexibility. The integration will also allow us to continue to expand our customer base and develop a range of long-term partnerships in the sector,” he said..
Yee said with growth forecast in the petrochemical industry, particularly in the US and Arabian Gulf, along with the current low oil price environment, there would be a strengthening of exports and a higher demand for product tankers in the future”, he added.
AET president and CEO Captain Rajalingam Subramaniam said the CPP and chemical businesses share similar market drivers and are both poised for sustainable growth in emerging markets, it makes absolute sense to operate these ships as a combined fleet.
“An integrated fleet allows us to optimise and triangulate the three core chemical markets – organic, vegetable and special – and provide greater options and flexibility to our customers. We believe we can achieve much higher vessel utilisation with a larger fleet by having access to a greater cargo pool as well as having the ability to secure opportunistic fixtures.
MISC’s modern fleet includes 25 LNG carriers, 82 clean and crude petroleum vessels, 13 chemical ships, 1 LPG tanker and 13 offshore floating facilities. Together, this fleet moves around 9% of the global LNG requirement and delivers customised solutions to the world’s leading oil companies.
MISC operates the only yard in Malaysia capable of constructing complex offshore structures and marine facilities.
AET specialises in the global ocean transport of petroleum and operates 82 vessels comprising 12 VLCCs, 4 Suezmaxes, 1 Panamax, 50 Aframaxes, 4 DP shuttle tankers, 8 CPPs and 3 LR2 tankers. It’s current orderbook includes 2 Suezmax, 4 Aframax and 2 LR2 tankers.
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