As we are in the last month of an eventful year, I am proud to share that we celebrated another important milestone last week with the signing of AET’s first sustainability-linked Islamic RCF (RCF-i) with Maybank Singapore. This RCF-i is also a landmark transaction for our industry marking the first of such a facility in the shipping industry for Southeast Asia, and a great example of collaboration between the financial and shipping sector to reduce the carbon footprint in our industry.
Furthermore, the latest LNG dual-fuel VLCCs joining our portfolio and our collaborations with partners on the development of ammonia dual-fuel zero emission vessels slated for delivery before 2030 are progressing well. These initiatives are all part of our commitment to reducing emissions from our shipping operations based on clear targets.
We recently put to action our Energy Transition strategy. A strategy that will enable AET to deliver more energy with less emissions, supporting the world’s need for energy security and society’s demand for lower emissions. It forms part of a critical component supporting the MISC Group’s purposeful transition towards a sustainable future as we accelerate our efforts to meet the 2030 emissions reduction target and NetZero by 2050. As a Group, we are committed to contribute to a carbon-neutral economy by transitioning to low-carbon, and eventually zero-carbon, emissions transportation solutions.
Last week’s MISC HSSE Partner Summit was a great example of the critical importance HSSE plays for us at AET and across the Group. I moderated a panel session on Generative HSSE underscoring the journey we are on to fostering a Generative HSSE culture that emphasizes safe practices and promotes a healthy environment with our employees but also with contractors and partners.
Another important aspect of our sustainability strategy is our support and the impact we make on our communities. Our global scholarship programme has expanded to support students in the UK and our staff globally are actively volunteering to give back to society.
To conclude 2023, I would like to take this opportunity to thank all our valued customers, partners and stakeholders for the warm welcome you have given me and your ongoing support for AET. We look forward to deepening and expanding the scope of our collaboration with you in 2024 and beyond.
I would like to wish you and your family a happy holiday season and all the best for the New Year!
Enjoy reading this latest edition of AET Highlights!
Best regards,
Zahid Osman
AET President & CEO
AET inks Southeast Asia’s first sustainability-linked Islamic revolving credit facility with Maybank Singapore. This landmark transaction marks the first of such facility in the shipping industry in Southeast Asia, demonstrating both Maybank and AET’s commitments to net-zero greenhouse gas (GHG) emissions.At the signing ceremony, our President and CEO Zahid Osman said, “Today, we mark another important milestone with AET’s first sustainability-linked Islamic RCF (RCF-i) in the shipping industry in Southeast Asia as a further endorsement of our sustainability agenda. With this RCF-i, based on Shariah principles, we are strengthening our relationship with like-minded partner Maybank, in our collaborative efforts towards the decarbonisation of the shipping sector and AET’s commitment to deliver more energy with less emissions.”
This latest milestone reflects AET and MISC Group’s commitment to environmental and governance excellence and is aligned with our long-term business strategy and sustainability aspirations.
Read the full press release here.
Our President and CEO Zahid Osman moderated at last week’s MISC HSSE Partner Summit one of the significant panel sessions which underscores the critical importance HSSE plays in AET and across the MISC Group. The session, titled “Influencing HSSE Culture and Behavior towards a Generative Approach”, included esteemed panelists from Chevron, Dyna-Mac, and the Marine Department Malaysia.
The panel emphasised that leaders need to demonstrate generative HSSE behaviour to embed such culture across the organisation. They shared their experiences and insights on sustaining a robust safety culture across varied operations. Key strategies highlighted included leadership engagement, ensuring, psychological safety, maintaining open and effective communication, and focus on learning from incidents rather than penalising mistakes. Additionally, the discussion emphasised the importance of recognition as a tool to cultivate a positive attitude towards personal safety commitments.
This panel session and the summit overall, demonstrate AET and the MISC Group’s dedication to HSSE and the commitment to advancing towards a Generative HSSE culture.
At the recent Argus Sustainable Marine Fuels Conference in Houston, our colleague, Santiago Yanez, AVP of Business Development, participated in a panel discussion alongside industry peers, exploring the question: “Is LNG a future-proof investment option or a risky venture?”
The panel delved into their experience as pioneers of LNG in the industry as well as the future for new sustainable fuels and environmentally friendly ways for their distribution and access. Other key topics include regulatory considerations, infrastructure development and the evolving energy landscape.
As the industry grapples with pivotal decisions regarding LNG investments, Santiago’s insights contribute significantly, highlighting AET’s proactive approach in fostering sustainable solutions and the importance of collaborative efforts in steering the maritime industry towards a sustainable future.
Our participation in this and other conferences underscores our unwavering commitment to sustainability, innovation, and responsible business practices.
We are proud to have welcomed another LNG dual-fuel VLCC, the Eagle Ventura, to our fleet!
The Eagle Ventura is the second LNG dual-fuel VLCC delivered for long-term charter to Shell following her sister, the Eagle Vellore. She is the fourth of its kind in our fleet and is among some of the most eco-friendly VLCCs available on the water today.
Our President & CEO Zahid Osman was pleased to have witnessed the delivery of this state-of-the-art vessel at the Hanwha Ocean shipyard in Geoje, South Korea. He also had an exciting ship tour meeting the Captain and crew of our appointed shipmanager Eaglestar and shared his well wishes for their voyages ahead.
This delivery marks our latest milestone that underscores our commitment to sustainable shipping and delivering more energy with less emissions!
We wish our Captain and crew fair winds and following seas always!
Click here to read more about Eagle Ventura’s sister vessel the Eagle Vellore here.
Our global scholarship programme supports aspiring maritime professionals and this year we have also extended it to the UK. The recipient from Newcastle University visited our London office and gained firsthand knowledge of the multifaceted nature of maritime. Contributing to UNSDG 4, we are committed to developing future maritime leaders through quality education.
Furthermore, our community investment activities also saw our global team participating in volunteer initiatives and environmental sustainability efforts. Colleagues in London volunteered with The Felix Project, while colleagues in the US volunteered with Target Hunger. Both organisations provide food assistance to those in need. Separately, our Singapore colleagues participated in a beach clean-up and learned how to conduct coral health checks.
Together, these efforts demonstrate our dedication to making a positive impact on communities and the environment.
