MISC has entered into Time Charter Party Contracts (TCP) with PETCO Trading Labuan Company Ltd (PTLCL) through its petroleum arm, AET, for the world’s first two ammonia dual-fuel Aframaxes.
Through these vessels, PTLCL aims to be able to transport its products to customers around the world while contributing to the industry decarbonisation by utilising ammonia as a cleaner alternative to conventional fuel. AET also signed the Shipbuilding Contracts (SBC) for these two vessels with Dalian Shipbuilding Industry Co., Ltd (DSIC), a subsidiary of China State Shipbuilding Corporation (CSSC).
The TCP was signed by Zahid Osman, President & CEO of AET, and Shamsul Bahari Salleh, CEO of PTLCL; and witnessed by Captain Rajalingam Subramaniam, President and Group CEO of MISC, and Ahmad Adly Alias, Chairman of PTLCL.
Captain Rajalingam Subramaniam, President and Group CEO of MISC, congratulated AET and PTLCL for reaching a significant step of materialisation since the signing of the Memorandum of Understanding in February 2023. He also thanked Dalian Shipbuilding Industry Co., Ltd. for being part of this journey and commended MISC Marine and New Energy & Decarbonisation of MISC as the critical enablers in bringing this vision to life.
He remarked that the signing of the Time Charter Party Contracts and the Shipbuilding Contracts was a clear testament to turning ambition into action. He highlighted that these partnerships seamlessly aligned with their collective vision of driving meaningful and purposeful change globally as they progressed towards a net-zero future. He added that with the signing of these contracts, they were not only advancing sustainable practices but also accelerating their journey towards the MISC Group’s 2030 aspirations.
Meanwhile, Zahid Osman, President & CEO of AET, stated that with the day’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, they took concrete actions to deliver on their commitment as industry leaders to progress the decarbonisation of the shipping sector.
He also expressed his gratitude towards PTLCL and DSIC for their forward-thinking and collaboration in spearheading this new generation of ultra-low emissions tankers to support the decarbonisation of the maritime industry.
