MISC Clinches Petrobras Contract

Malaysia International Shipping Corporation Berhad (MISC) announced that its wholly-owned subsidiary, AET Tanker Holdings Sdn Bhd, has been awarded long-term charter contracts for three newbuilding Suezmax DP2 Shuttle Tankers from Petróleo Brasileiro S.A. – Petrobras of Rio de Janeiro, Brazil.

AET, the petroleum shipping unit of MISC and specializes in the global ocean transport of petroleum, will own and operate the newbuilding Suezmax DP2 Shuttle Tankers for operations in Brazilian and international waters.

The estimated contract value is USD525.6million and the charter is expected to commence in 2022, said a release.

The new long-term time charter contracts will further reinforce AET’s position as one of the global market leaders in the niche Dynamic Positioning Shuttle Tankers market in addition to fortifying its position as amongst the world’s leading international petroleum shipping solutions providers.

Yee Yang Chien, President/Group CEO of MISC Berhad and AET Chairman said, “It is certainly exciting to start 2020 with such great momentum. We are exhilarated with the award of this long-term time charters and honored once again that AET has won the trust of another valued client from the petroleum segment."

Chien added: "2020 will be a year of accelerated growth for the entire MISC Group as we continue to work towards developing a very healthy pipeline of prospective projects with stronger tailwind behind us."

MISC Group’s fleet consists of more than 100 owned and in-chartered Liquefied Natural Gas (LNG), Petroleum and Product vessels, 14 Floating Production Systems (FPS) as well as 2  LNG Floating Storage Units (FSU).