The theme of AET Annual Review 2024/2025 – “Moving Energy: Navigating a Sustainable Future Together” – showcases AET's long-term commitment to taking a leadership role in maritime decarbonisation and highlights its ongoing efforts to achieve this.
As we celebrated the company's 30th anniversary in 2024, the changing nature of the world we operate in and the challenges of the environment around us means that our drive to find new and innovative ways to move energy responsibly and efficiently has never been more important. Our successes over the last 30-plus years spur us in our commitment to propel AET, and the wider shipping industry, towards a sustainable future where we deliver more energy with less emissions.
However, our ambitious targets and plans would not be achievable without the support of our stakeholders. The “Together” in our theme signifies that our ability to navigate a sustainable future and blaze a trail for the industry begins with a collective effort and drive within AET in collaboration with our external stakeholders.
Chairman’s Message
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President & CEO’s Message
Read quoteAET at a Glance
Financials for Financial Year 2024
REVENUE
$1,097
million
EBITDA(1)
$590
million
TOTAL ASSETS
$4,359
million
Information correct as of 31 December 2024 unless otherwise stated
(1) Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA)
(2) Three owned ammonia dual-fuel Aframax newbuilds and two signed in-chartered newbuild contracts for LNG dual-fuel Aframaxes
(3) Including seafarers managed by our appointed shipmanagers and AET Offshore staff
(4) Petroleum and Product only. For total Scope 1, refer to the “Decarbonisation Performance” under Climate-Related Financial Disclosures.
(5) AERCO2e: Annual Efficiency Ratio Carbon Dioxide Equivalent
Awards and Recognition
41
vessels received Chamber of Shipping of America's (CSA) Jones F. Devlin Award for Safety
51
vessels received CSA's Annual Environmental Achievement Award
Health, Safety, Security & Environment (HSSE)
16%
Scope 1 Shipping Operations(4) absolute greenhouse gas (GHG) emissions reduction in 2024 compared to 2008
19%
Scope 1 Shipping Operations(4) AERCO2e(5) reduction in 2024 compared to 2008
7%
Scope 1 Shipping Operations(4) AERCO2e(5) reduction in 2024 year-on-year (Y-o-Y)
0.08
Lost Time Injury Frequency (LTIF)
0.08
Total Recordable Case Frequency (TRCF)
Human Capital (Onshore)
184
onshore staff
23
nationalities
Human Capital (Seafaring)
2,719
seafaring staff(3)
Operational Excellence
>98%
vessel availability & vessel utilisation
16,000+
ship-to-ship (STS) transfers in US Gulf since inception
Assets (as of 30 April 2025)
67+5(2)
vessels
11+5(2)
dual-fuel assets
Aframax 4
DPST 2
VLCC 5
Newbuilds 5(2)
9.1
average age of our fleet
vs 12.9 industry average
AET
INDUSTRY
1
Liquefied Natural Gas (LNG) dual-fuel Very Large Crude Carrier (VLCC) newbuild delivered in 2024
World’s First Ammonia Dual-Fuel Aframaxes
3
vessels contracted in 2024
World’s only owner-operator of Modular Capture Vessels
Our Customer Value Proposition
With over 30 years’ experience and a strong conventional shipping core, we deliver trusted and customised shipping solutions to meet our customers’ needs. Our customer-driven approach and proven operational excellence enable us to provide unique specialised skills and services – including DPSTs, MCVs for hydrocarbon containment, LSVs and low-carbon shipping solutions.
Who Are
Our Customers?
International Oil Companies
National Oil Companies
Traders
Refiners
What Do Our Customers
Want And Need?
What Do We Offer?
What Do We Promise?
Reliable and safe oil
transport solutions in harsh marine environments
Dynamic Positioning Shuttle Tankers (DPST)
Operational expertise in harsh environments (such as in Brazilian waters and the North Sea), ensuring safe and reliable offshore oil transportation
Innovative solutions for specialised applications such as deepwater well blowout containment and hydrocarbon capture
Specialised solutions such as Modular Capture Vessels (MCV)
Advanced, customer-centric solutions for unique, customised applications such as the safe capture of hydrocarbons in an event of a well blowout. Solutions such as the MCVs incorporate innovative designs, combining Floating Production Storage and Offloading with dynamic positioning technology.
Flexible and efficient oil transport solutions in regions with limited port infrastructure
Lightering solutions and Lightering Support Vessels (LSV)
Safe, cost-effective cargo transfer (crude oil and refined products) between ships at sea
Leadership in low-carbon shipping mandates
Liquefied Natural Gas (LNG) Dual-Fuel Vessels and Ammonia Dual-Fuel Vessels
Help customers meet their Scope 3 emissions targets by offering a compliant future-ready fleet and a path to low-carbon shipping
Diversified tanker fleet with a track record of operational excellence and a strong Health, Safety, Security and Environment (HSSE) culture
Proven track record in conventional tanker segments across Aframaxes, Suezmaxes, Very Large Crude Carriers (VLCCs) and Long-Range 2 tankers (LR2)
Confidence in operational excellence, HSSE culture and regulatory compliance
Specialised Services
Conventional Services
Note: Dynamic Positioning Shuttle Tankers (DPST) are the crucial transport link between offshore production assets located in extreme environmental conditions and the discharge port. Lightering support vessels (LSVs) are used for the transportation of mooring masters and their assistants as well as equipment required for ship-to-ship (STS) transfers. AET is the market leader in specialised lightering in the US Gulf.

Our Business

Our Strategy
Financial Performance
Key Figures at a Glance
Profitability (US$M) | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 |
---|---|---|---|---|---|
Revenue | 920 | 767 | 1,053 | 1,095 | 1,097 |
EBITDA | 402 | 335 | 497 | 567 | 590 |
NPAT (Operations) | 85 | 41 | 187 | 237 | 280 |
Gain or Loss on Sale of Assets | 9 | 7 | 3 | - | 8 |
NPAT after Minority Interest | 93 | 46 | 190 | 236 | 288 |
Key Balance Sheet Items (US$M) | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 |
---|---|---|---|---|---|
Cash and Cash Balances | 193 | 177 | 220 | 287 | 406 |
Total Assets | 4,129 | 4,198 | 4,437 | 4,412 | 4,359 |
Total Liabilities | 1,984 | 2,034 | 2,036 | 1,956 | 1,780 |
Shareholder’s Equity | 2,146 | 2,164 | 2,402 | 2,456 | 2,579 |
Net Debt to Equity
As a result of our high level of financial discipline AET’s net-debt-to-equity ratio for the year was consistently below the industry’s average.
0.71
Industry Mean*
0.40
AET
* The mean data includes AET and large tanker players we identify as our peers in the industry.
EBITDA by Income Type
67%
Secured EBITDA
Our secured income strategy strengthens our financial resilience and enhances our liquidity.
Revenue (US$M) and EBITDA Margin (%)
54%
EBITDA Margin
AET’s efficient operations allowed it to maintain its EBITDA margin.

Sustainability at AET
- Our Sustainability Strategy
- Sustainability Pillars
- Environment, Social & Governance Pillars
- Financial Pillar & Climate-Related Financial Disclosures
- Stakeholder Engagement
Click here to view our Performance Data and Sustainability Reporting Standards & Disclosures


AET Annual Review 2024/2025
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