Tuesday, July 20, 2010

MISC buys 4 ships for US$430m

KUALA LUMPUR: MISC BHD [], via its tanker arm AET Inc Ltd is buying four new 320,000 dwt very large crude carriers (VLCCs) for US$430 million from South Korea's Daewoo Shipbuilding & Marine Engineering Co Ltd (DSME).

MISC said on Tuesday, July 20 the tankers will be paid fully through AET's own funds and are scheduled for delivery between December 2012 and October 2013.

MISC said the purchase was part of AET's growth plans to expand its fleet of VLCCs. This would add to AET's existing fleet of 11 VLCCs, and total fleet of 74 vessels. MISC in turn has a fleet of more than 50 ships under its own banner. ''

AET reportedly has an additional 18 ships being constructed in shipyards in South Korea, Japan and China.

Last month, AET signed a contract with Samsung Heavy Industries Co Ltd of Korea for the purchase of four new 158,500 dwt Suezmax tankers at a cost of US$67.8 million each. The tankers are expected to be delivered between April and October 2012.

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