MISC Group through its Petroleum and Product Shipping arm, AET, announced a significant step in its energy transition pathway with the signing of two LNG dual-fuel Suezmax vessels.
MISC Group has announced a significant step forward in its energy transition strategy through its Petroleum and Product Shipping arm, AET, with the signing of shipbuilding contracts for two LNG dual-fuel Suezmax vessels. These vessels will operate under long-term Time Charter Party (TCP) agreements, reinforcing financial resilience and supporting the Group’s ambition for sustainable, disciplined growth.
The vessels will further expand MISC growing dual-fuel fleet operating worldwide. With these orders, MISC will have dual-fuel capability in all the tanker sectors it operates in – Aframaxes, Shuttle Tankers, Suezmaxes and Very Large Crude Carriers. The orders reflect MISC continued investment in cleaner and more energy-efficient shipping solutions, and its commitment to advancing the maritime industry’s transition towards lower-carbon operations in support of global net-zero goals.
In April 2024, MISC progressed into ammonia dual-fuel technology with the signing of a TCP for a series of Aframaxes. Together, these initiatives form a deliberate dual-fuel energy pathway, leveraging LNG as a proven transitional solution while preparing for future zero-carbon operations through ammonia.
“This milestone reinforces MISC Group’s commitment to advancing the energy transition and achieving our GHG reduction ambitions. Today our fleet stands at 106 vessels. With the addition of these two LNG dual-fuel Suezmax tankers, MISC Group will have 21 newbuilds progressing through its fleet renewal pipeline and scheduled to enter our fleet over the next two to three years. This represents one of the most extensive and forward-leaning renewal cycles in our history, reflecting a strategy that extends well beyond modernisation. It is a deliberate strategy to strengthen long-term cashflow resilience and rejuvenate our portfolio with newer and more energy efficient vessels, ensuring sustained value creation for our shareholders.
Our investments in dual-fuel technologies position us at the forefront of innovation, ensuring we remain competitive while contributing impactfully to global decarbonisation efforts,” said Zahid Osman, President & Group CEO, MISC Group.
MISC Group’s strategic investments reinforce its commitment to being a future-ready maritime leader, delivering lower-carbon solutions and enhancing operational robustness across market cycles. By aligning commercial discipline with decarbonisation progress, the Group continues to build confidence among stakeholders, deepen industry partnerships, and deliver sustained long-term value for its shareholders and the wider maritime ecosystem.
Source: cyprusshippingnews.com
