AET signed agreements to build two LNG dual-fuel Aframaxes and order two of the world’s first LNG dual-fuel Dynamic Positioning Shuttle Tankers.
Fleet Rejuvenation: Enhancing Operational Capabilities and Reducing Emissions
We have nine LNG dual-fuel vessels in our fleet – two Aframaxes operating in the Atlantic and Pacific regions, two DPSTs operating in the North and Barents Seas, and five VLCCs operating globally. These vessels are among the most environmentally friendly in the tanker market.
They offer 99% reduction in Sulphur Oxides emission, 85% reduction in Nitrogen Oxides emission, 95% reduction in particulate matter and up to 30% reduction in Carbon Dioxide when operating on LNG as compared to conventional bunker fuel.
World's First Ammonia Dual-Fuel Aframaxes
We are collaborating with partners to make progress in using ammonia as a bunker fuel and exploring ammonia as part of our new energy business-future fuel value chain. The signing of newbuilding and long-term Time Charter Party contracts with partners to develop the world’s first ammonia dual-fuel Aframaxes was a significant milestone for us and the wider maritime industry.
Advancing Our Decarbonisation Efforts Towards Net-Zero
In FY2023, 13.3% of AET’s gross revenue derived from our investments in our LNG dual-fuel fleet. We secured a US$100 M sustainability-linked Islamic Revolving Credit Facility from Maybank Singapore. This is the first such facility in the shipping industry in Southeast Asia.
Our Decarbonisation Journey
We took delivery of our first LNG dual-fuel Aframaxes Eagle Brasilia and Eagle Bintulu. The sister vessels also completed their maiden ship-to-ship bunkering at the Port of Rotterdam.
AET signed an agreement to construct among two of the world’s first LNG dual-fuel Very Large Crude Carriers. Two LNG dual-fuel DPSTs featuring VOC recovery; Eagle Blane and Eagle Balder were also delivered.
AET, along with Shell Ventures, Trafigura and Saudi Aramco Energy Ventures, invested in Daphne Technology marking AET’s entry into R&D for GHG abatement technologies, which is closely aligned with our ESG strategy and ongoing decarbonisation efforts.
AET delivered among two of the world’s first LNG dual-fuel Very Large Crude Carriers Eagle Valence and Eagle Vallery. Eagle Valence was also named Tanker of the Year and certified as a Green Ship by Maritime and Port Authority of Singapore.
AET's Energy Transition Strategy was launched to deliver more energy with less emissions to meet the world's need for energy security and society's demand for lower emissions.
AET took delivery of LNG dual-fuel Very Large Crude Carriers Eagle Vellore and Eagle Ventura.
AET, ALAM and Winterthur Gas & Diesel (WinGD) inked a collaboration agreement that aims to drive the development of ammonia engines for ammonia dual-fuel vessels, marking a historical milestone as the first of its kind in the world for deep-sea vessels.
AET and PETCO Trading Labuan Company Ltd signed a Memorandum of Understanding to explore a potential collaboration to deploy a future zero-emission Aframax.
AET delivered and named Singapore-flagged LNG dual-fuel Very Large Crude Carrier Eagle Veracruz, which also marked the Singapore Registry of Ship's 100 million gross tonnage milestone.
AET signed a Time Charter Party Contract with PETCO Trading Labuan Company Ltd for two of the world's first ammonia dual-fuel Aframaxes. Shipbuilding Contracts for these vessels were also signed with Dalian Shipbuilding Industry Co., Ltd, a subsidiary of China State Shipbuilding Corporation.