MISC Berhad announced that its chemical fleet will be merged with the clean petroleum products (CPP) fleet operated by its wholly owned petroleum subsidiary, AET.
AET will take over the 13 chemical vessels and one LPG tanker currently owned/operated by MISC, and combine them with their own fleet of eight CPPs to create a new, single entity as per the new arrangements.
MISC President/Group CEO, Mr Yee Yang Chien said, “There are significant synergies to be gained from merging the two fleets and creating a consolidated products business. Our chemical and CPP fleets have many customers in common and this merger enables us to offer them added value through additional capacity and flexibility.”
AET President & CEO Captain Rajalingam Subramaniam welcomes the new arrangements:
“The CPP and chemical businesses share similar market drivers and are both poised for sustainable growth in emerging markets, it makes absolute sense to operate these ships as a combined fleet..”
The new arrangements involve transferring MISC’s seven “Bunga A” class vessels (38,000 dwt), which are owned by the company, along with six “Bunga L” class (19,900 dwt) and one LPG vessel (20,613 dwt), which are all currently operated on long-term bareboat charters. These vessels will combine with AET’s eight CPP tankers. No changes will be made to the flag or classification society, and MISC Berhad will continue to provide technical management for the chemical tankers and LPG vessel.
Source: AET Tankers
