AET and PTLCL sign MOU for Zero-Emission Aframax

AET and PTLCL sign MOU for Zero-Emission Aframax

AET is pleased to announce another opportunity to advance our decarbonisation aspirations for shipping with signing of the Memorandum of Understanding (MOU) with PETCO Trading Labuan Company Ltd (PTLCL) to explore a potential collaboration to deploy a future zero-emission Aframax. The deep-sea tanker vessel, which will be powered by green ammonia, represents the latter’s sustainable shipping option and another significant step forward in the push towards more sustainable shipping practices.

Capt. John Baptist, Global Director VLCC/PCS, AET and Head, Decarbonisation Unit, MISC said: “We are pleased to extend our partnership with PTLCL to explore the potential development and construction of one net-zero green ammonia Aframax as we both continue our decarbonisation journey to advance towards a net zero future.

This MOU marks a further positive step to advance AET and MISC Group’s 2030 and 2050 strategic decarbonisation aspirations for shipping, adding to the pair of zero-emission ammonia-fuelled deep-sea tanker vessels under the Castor Initiative and our collaboration with PTT for two zero-emission Aframaxes which were both announced last year.”

AET’s responsibilities would include the selection of a suitable shipyard to build the zero-emission dual-fuel tanker which both parties anticipate would be delivered to PTLCL for long-term charters by 2026. Both parties also intend to collaborate on design, safety, and operational aspects as well as to study opportunities for a green ammonia corridor in Southeast Asia, in support of International Maritime Organization’s greenhouse gas intensity reduction agenda.