MISC Wins $245M Contract in Brazil

Malaysia International Shipping Corporation Berhad (MISC) said that its unit  AET Tanker Holdings Sdn Bhd has secured long term contracts for three Suezmax class Dynamic Positioning Shuttle Tankers (DPST) by Brazil Shipping I Ltd for RM1.01 billion (US$245 million).

AET will own and operate these newbuilding Suezmax Class DPSTs for operations in international and Brazilian waters. The charter is expected to commence in 2022.

According to a press note from the international shipping line of Malaysia, these long-term time charter contracts will further reinforce AETs position as one of the global market leaders in the niche DPST 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 said: “The award of these long- term time charter contracts for 3 Suezmax class DPSTs is a result of MISC’s continuous focus on our growth strategy of investing in quality assets on demand for long term charters to premium customers for long-term secured revenue streams."

Chien added: "These long-term time charter contracts are a strong recognition of the diverse expertise and capabilities of MISC and its subsidiaries in creating solutions for our global customers coupled with resilient strength to compete against the best in the global shipping industry to support energy demand worldwide.”

MISC has entered 2020 with a strong foothold and momentum to sustain its track record of delivering quality, secured and recurring profits and operating cashflow for MISC, it said.