Financial strength
The group’s financial strength is built on a healthy mix of relatively stable income comprising limited spot business, more extensive time-charter activities, lightering operations and contracts of affreightment (COAs). This allows earnings to be smoothed across tanker cycles. Last year (to 31 March 2011) the AET financial statements show assets of US$2.8 billion, a group turnover of US$932.6 million and, due to exceptionally difficult trading conditions, a net loss for the year of US$29.7 million.
As a private company AET publishes limited financial information in an annual review and a copy is available to download from here. A hard copy of the latest review is available, on request, by contacting the corporate communications team in London.
For prior years' reports, download from here (2007, 2008, 2009, 2010).
Despite increased revenues largely attributable to the growth in the fleet, extremely low freight rates for all tanker sizes coupled with higher operating costs, led to an overall loss for financial year 2010/2011.