French energy giant Total has signed a pioneering agreement to charter in its first two 300,000 dwt LNG dual fueled VLCCs from Malaysian-based tanker operator AET. The two ships set to join the Total charter fleet in 2022.
“Total is committed to safely deliver energy while reducing its impact on the natural environment and we continuously explore all elements of our business, including our supply chain partners, to ensure minimum emissions,” said Luc Gillet, Senior Vice PresidentmTotal Shipping & Trading . “We seek partners who share this commitment and I’m pleased that AET continues to innovate and take a leadership approach to operating in the cleanest way possible. We’ve partnered with AET for many years and today’s signing is the next logical step in our continuing relationship”.
Mr. Yee Yang Chien, Chairman of AET and President/Group CEO of its parent MISC Berhad said: “AET is MISC Group’s wholly owned petroleum shipping subsidiary and today’s agreement cements its global position as a world class energy logistics provider. We subscribe to a robust sustainability agenda which reaches into all corners of our business and includes a commitment to protect the natural environment alongside a strong focus on maintaining business stability and continuity. Today’s agreement with Total takes us a step further in delivering on that agenda. As a Group, we took early and bold decisions to invest in LNG dual-fuel vessels and I am pleased to see the industry responding so positively to our strategy. I am delighted we have made this agreement with Total and I’d like to thank them for their confidence in AET”.
The two newbuilds will be among the most environmentally friendly VLCCs in the market. When in service, they will emit around 20% less CO2 greenhouse gases than conventional vessels; 85% less NOx and 99% less SOx. In addition, 99% fewer fine particles will be released. Immediately, the vessels will comply with IMO Tier III levels, IMO 2020 sulfur cap and represent a significant step towards the IMO’s ambition to reduce shipping’s carbon emissions by 50% by 2050 from a 2008 baseline.
AET currently operates two LNG dual-fuel Aframax vessels and two LNG dual-fuel Dynamic Positioning Shuttle Tankers within its global fleet.