MISC unit, Shell enter into time charter arrangement for two new Aframax tankers

MISC unit, Shell enter into time charter arrangement for two new Aframax tankers
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KUALA LUMPUR (Apr 13): MISC Bhd's petroleum logistics unit AET Inc Ltd has entered into a time charter arrangement with Shell International Trading and Shipping Company Ltd for AET's two newbuild LNG dual-fuelled Aframax tankers.

The two 113,000 dwt vessels are due for delivery from the third quarter (3Q) of this year, and the arrangement will see Shell take both vessels on a long-term charter commencing in 4Q of this year. The two AET tankers are among the cleanest Aframax tankers in the market. They are currently being built by Samsung Heavy Industries in South Korea.

In June 2017, AET was awarded a contract to build and operate two LNG dual-fuelled DP2 Offshore Loading Shuttle Tankers for service in oilfields on the Norwegian Continental Shelf of the North Sea, Norwegian Sea and the southern Barents Sea as well as on the UK Continental Shelf. When operational, these ships are expected to be among the world's first LNG fuelled DP shuttle tankers and the most energy efficient.

Both Malaysian flagged vessels will be fitted with twin LNG tanks, allowing them to trade worldwide on LNG. With LNG more readily available now, this makes them ideally suited to operate in the 0.1% sulphur SECA regions of North America, Northwest Europe and Asia, and ensures full compliance with the incoming 2020 sulphur cap.