AET has signed an agreement to acquire the remaining 50% shares of Paramount tankers. Earlier, AET was holding 50-50 partnership along with Golden Energy Tanker Holdings. The transactions are expected to be completed in September 2016.
President & CEO of AET, Captain Rajalingam Subramaniam says:“We are continually looking for opportunities to ensure sustainable growth in our business and to own / operate modern tonnage which serves our customer needs globally. Acquiring the Paramount JV in its entirety allows us to own and operate all six vessels on our own. We are the commercial managers for the vessels and have commenced taking over the technical management. The vessels are of a high quality design and built to our lightering specifications and can trade worldwide to serve our global client needs. This transaction demonstrates our commitment to our customers, shareholders, stakeholders and the industry we operate in.”
Paramount Tankers is a JV which owns and operates six Aframax vessels. Commercial management is delivered by AET and technical management is provided by Enterprises Shipping and Trading SA.