In 2021, we continue to see an acceleration of the energy transition with Sustainability and the Environmental, Social, and Governance (ESG) agenda being transformative forces globally. For AET, we see Sustainability and ESG as the responsibility of everyone in the industry and we do not believe in sitting on the side lines but acting now and not later to contribute to a resilient maritime industry.
In recent panel sessions on financing, I shared that longer-term stakeholder partnerships and collaborations are key for all of us to effectively contribute to solving global challenges while ensuring sustainable returns for our business investments. However, it is essential for all parties involved on the financial side to understand how the market cycle and various leveraging factors affect debt financing as well as to move into solutions that are more ESG related.
At AET, next to the environmental agenda, we put more and more emphasis on our social impact from supporting initiatives caring for seafarers’ welfare globally to developing young and emerging talents within and outside of our organisation as talent development is crucial to progress the maritime industry.
Enjoy our July edition of AET Highlights and stay safe and healthy!
Capt. Rajalingam Subramaniam
AET President & CEO
At the recent Standard Chartered Virtual Global Credit Conference 2021 on “Opportunities from Disruption”, AET President & CEO Capt. Rajalingam Subramaniam shared his insights at the panel discussion on “Shifting with the tide: What’s driving change in global shipping finance” with bankers, investors, industry leaders and policy makers. He encouraged industry players to continue exploring alternative financing as traditional debt financing opportunities become tighter. While emphasising that quality of balance sheet and scalability have become increasingly important for longer term sustainability, the purposeful adoption of ESG principles is becoming more imperative than ever.
Separately, our Global Director, Mid-size Tankers Crude Shipping, Capt. Ron Wood participated in the S&P Global Platts Global Executive Petroleum Conference on “Exploring the State of Play for Shipping”. The panel discussed the outlook for the tanker market, the impact of the energy transition on shipping and most likely fuels of the future as there is no clear path yet which fuels will lead decarbonisation. However, Capt. Ron shared that AET does not believe in sitting on the side lines, demonstrated by our US$2 billion investments in new assets over the past four years with US$1 billion in dual-fuel assets alone. Our ambition is to have a larger percentage of our operating fleet running on cleaner fuels by 2025 to continuously reduce the carbon footprint of our shipping activities.
At AET, seeking to make a positive impact, we commit to nurturing future maritime leaders. Therefore, despite the pandemic, our global internship programme continues to grow, reflecting close to 10% of our shore staff, offering several young working professionals the opportunity to join us annually. We provide three to six months on-the-job training for them to gain deeper insights in the maritime industry through various projects and exposure specific to their respective fields be it across Operations, Information Technology, Legal, Finance, Human Resources, Corporate Communications or Chartering.
Working with colleagues globally, the culturally diverse environment and the work itself, were some of the highlights our interns shared with us on their recent learning and development at AET. Samuel Lopez, currently Commercial Intern, Houston shared on expanding his knowledge in the maritime industry and building relationships both inside and outside the office while looking forward to visiting our Aframax vessels – a rare opportunity for interns. While Meilin Wu, Corporate Communications Intern, Singapore mentioned her professional skills development in communications and media management, expanding her network and tapping into the opportunities to learn and grow through our people, culturally diverse environment, and the work.
We are proud of all our interns’ growth and thank them for their contributions to AET.
The Day of the Seafarer on 25 June aims to draw annually global attention to fairness for all seafarers. We honoured the day by recognising the hard work and dedication that our Seafarers, Mooring Masters, Workboat Crew and Site Teams commit to each day in ensuring successful and safe operations and vessel deliveries for our business and global trade.
Ensuring the well-being, safety, and health of our people at sea as well as onshore remains paramount. However, we also continue our commitment to support all seafarers globally who amidst the pandemic, continue to remain resilient and positive despite the challenges they face.
AET has been supporting a number of initiatives and is proud to be:
- a Bronze Sponsor to The Mission to Seafarers’ Sustaining Crew Welfare campaign supporting its Innovation Fund. The Fund encourages adopting creative ways across the organisation’s centres across the world to fit with current and emerging needs of seafarers and their families including setting up of online stores and delivery services to seafarers on ships who cannot go ashore.
- a sponsor of the Captain Table at the Houston International Seafarers Center (HISC) Maritime Gala. Proceeds of the fundraiser support HISC’s facilities for visiting seafarers to relax and enjoy some leisure time, and seafarers’ no-cost transportation from ships to the Centre as well as local areas for the welfare of seafarers.
AET is honoured to receive the SKA rating of Gold awarded by Royal Institute of Chartered Surveyors (RICS). This accreditation recognises the sustainable fit-out of our new London office through an environmental assessment method, benchmark, and standard. Our new London office was assessed against a set of sustainability good practice criteria such as its sustainable building materials, recycled built-in benches, as well as the adoption of proper recycling methods. Most importantly, the office space was designed to utilise as much as possible the old design to reduce building needs and minimise energy loss.
Furthermore, our offices endeavour to promote environmental sustainability such as reducing energy consumption with smart motion sensor lighting systems, setting up of e-waste management, stopping the usage of single-use plastic water bottles and minimising the single-use plastics through staff awareness sessions.