KUALA LUMPUR (May 31): Standard Chartered Bank has closed a US$575 million revolving credit facility (RCF) for AET Bermuda One Ltd, the wholly-owned petroleum shipping arm of MISC Bhd.

AET is one of the world’s largest oil tanker owners and operators, with a total fleet of over 100 vessels, including crude carriers, dynamic positioning shuttle tankers, as well as product/chemical tankers.

“This is our first facility to fund our committed capital expenditure and it’s encouraging to note the oversubscription to this facility and the partnership [being] extended. This RCF agreement clearly demonstrates the confidence of international partners in AET,” said Johan Munir, chief financial officer of AET.

The company said it is set to continue to grow income and attract recurring income streams through a portfolio of long term charter agreements with leading oil companies and in niche specialisations that are tailored to customer requirements.

The facility, which was coordinated by Standard Chartered and comprises a syndicate of six other regional and international banks, will be used to finance AET’s newbuild tankers and vessel acquisition programmes.

The other syndicate banks include BNP Paribas, DBS Bank Ltd Labuan Branch, ING Bank, OCBC Bank, Société Générale and Sumitomo Mitsui Banking Corporation Labuan Branch.