MISC enters into Time Charter Party Contracts (TCP) with PETCO Trading Labuan Company Ltd (PTLCL) via its petroleum arm, AET for the world’s first two ammonia dual-fuel Aframaxes. Through these vessels, PTLCL will be able to transport its products to customers around the world while contributing to the industry decarbonisation by utilising ammonia as the 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 Mr. Zahid Osman, President & CEO of AET and Mr. Shamsul Bahari Salleh, CEO of PTLCL; and witnessed by Captain Rajalingam Subramaniam, President and Group CEO of MISC, and Mr. Ahmad Adly Alias, Chairman of PTLCL.
The signing of these contracts represents a significant step forward in the partners’ efforts to make ammonia a viable fuel for the maritime industry.
Captain Rajalingam Subramaniam, President and Group CEO of MISC said, “Congratulations to AET and PTLCL for reaching a significant step of materialisation today since the signing of the Memorandum of Understanding in February 2023. It's been made more meaningful, collaborating with PTLCL, a member of the PETRONAS Group. Thank you, Dalian Shipbuilding Industry Co., Ltd. for being part of this journey. Well done to MISC Marine and New Energy & Decarbonisation of MISC, the critical enablers in bringing this vision to life.
Today's signing of the Time Charter Party Contracts and the Shipbuilding Contracts is a clear testament of turning ambition into action. These partnerships seamlessly align with our collective vision of driving meaningful and purposeful change globally as we progress towards a net-zero future. With the signing of these contracts, we're not only advancing sustainable practices but accelerating our journey towards the MISC Group's 2030 aspirations."
Zahid Osman, President & CEO of AET said, “With today’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, we take concrete actions to deliver on our commitment as industry leaders to progress the decarbonisation of the shipping sector. The introduction of these two vessels will reduce the overall emissions from our operations whilst we deliver more energy for the world.
I would like to thank PTLCL and DSIC for their forward thinking and collaboration to spearheading this new generation of ultra-low emissions tankers to support the decarbonisation of the maritime industry.”
This groundbreaking achievement represents a significant leap forward in sustainable shipping practices, showcasing MISC Group’s ongoing commitment to innovation and environmental responsibility. The MISC Group will further collaborate with like-minded industry players to drive the development of the required ecosystem to support ammonia as a bunker fuel. Together with Akademi Laut Malaysia (ALAM) and industry partners, we will continue the work on training our seafarers to safely manage the new generation of ultra-low emissions tankers.
MISC Group looks forward to leading the charge in sustainable maritime transportation and continuing to push the boundaries of what is possible in the industry.
