MISC Group company AET has signed shipbuilding contracts for two dual-fuel ammonia tanker vessels with Dalian Shipbuilding, a subsidiary of China State Shipbuilding Corporation (CSSC).
At the same time MISC has entered into time charter party contracts with PETCO Trading Labuan (PTLCL) via AET for the two new Aframaxes. Through these vessels, PTLCL will be able to transport its products while contributing to the industry decarbonisation by utilising ammonia as the cleaner alternative to conventional fuel.
The signing of these contracts is considered to represent a significant step forward in the partners’ efforts to make ammonia a viable fuel for the maritime industry.
Capt Rajalingam Subramaniam, President and Group CEO, MISC said: “Congratulations to AET and PTLCL for reaching a significant step of materialisation today since the signing of the Memorandum of Understanding in February 2023. It’s been made more meaningful, collaborating with PTLCL, a member of the Petronas Group. Thank you, Dalian Shipbuilding Industry, for being part of this journey. Well done to MISC Marine and New Energy and Decarbonisation of MISC, the critical enablers in bringing this vision to life. Today’s signing of the time charter party contracts and the shipbuilding contracts is a clear testament of turning ambition into action. These partnerships seamlessly align with our collective vision of driving meaningful and purposeful change globally as we progress towards a net-zero future. With the signing of these contracts, we’re not only advancing sustainable practices but accelerating our journey towards the MISC Group’s 2030 aspirations.“
Zahid Osman, President and CEO, AET said: “With today’s signings of the shipbuilding contracts with DSIC and the time charter party contracts with PTLCL for the world’s first two ammonia dual-fuel Aframaxes, we take concrete actions to deliver on our commitment as industry leaders to progress the decarbonisation of the shipping sector. The introduction of these two vessels will reduce the overall emissions from our operations whilst we deliver more energy for the world. I would like to thank PTLCL and DSIC for their forward thinking and collaboration to spearheading this new generation of ultra-low emissions tankers to support the decarbonisation of the maritime industry.”
The MISC Group will further collaborate with like-minded industry players to drive the development of the required ecosystem to support ammonia as a bunker fuel. MISC looks forward to leading the charge in sustainable maritime transportation and continuing to push the boundaries of what is possible in the industry.
Image: 3D model of two of the world’s first ammonia dual-fuel Aframaxes to be constructed by Dalian Shipbuilding and owned by AET (credit: AET)
