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MISC Secures Long-Term Charter Contracts With Brazil Shipping I Limited

MISC Berhad (MISC) through its wholly-owned subsidiary, AET Tanker Holdings Sdn Bhd (“AET”), has been awarded long term contracts for three (3) Suezmax class Dynamic Positioning Shuttle Tankers (DPSTs) by Brazil Shipping I Limited (a Shell Group entity). AET is the petroleum shipping unit of MISC and specialises in the global ocean transport of petroleum.

AET will own and operate these newbuilding Suezmax Class DPSTs for operations in international and Brazilian waters. The estimated contract value is USD245 million and the charter is expected to commence in 2022.

These long-term time charter contracts will further reinforce AETs 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.

Mr. 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. 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.
Source: MISC Berhad

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