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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At AET, we remain committed to sustainable growth by executing our strategy effectively, managing risks prudently, maintaining financial discipline, and advancing a clear sustainability agenda.”

Datuk Abu
Huraira Abu Yazid

Chairman

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chairman
president

President & CEO’s Message

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By embracing new opportunities, adopting sustainable practices and staying ahead of emerging trends, AET will remain a leader in shaping a sustainable future for both its business and for the broader maritime sector.”

Nick Potter

President & CEO

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AET 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

International Oil Companies

National Oil Companies

National Oil Companies

Traders

Traders

Refiners

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.

Financial Performance

Key Figures at a Glance

Profitability (US$M)FY2020FY2021FY2022FY2023FY2024
Revenue9207671,0531,0951,097
EBITDA402335497567590
NPAT (Operations)8541187237280
Gain or Loss on Sale of Assets973-8
NPAT after Minority Interest9346190236288
Key Balance Sheet Items (US$M)FY2020FY2021FY2022FY2023FY2024
Cash and Cash Balances193177220287406
Total Assets4,1294,1984,4374,4124,359
Total Liabilities1,9842,0342,0361,9561,780
Shareholder’s Equity2,1462,1642,4022,4562,579

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.

AET Annual Review 2024/2025

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