Two workboats and 55 vessels were presented with the Jones F. Devlin Awards for accident-free operations 99 Owns and operates commercial vessels with another eight tankers under construction The only tanker company globally to possess MCV capabilities and experience 58AET VESSELS awarded the Environmental Achievement Awards by the Chamber of Shipping of America (CSA) The segment today owns and operates 99 commercial vessels including Very Large Crude Carriers (VLCCs), MCVs, DPSTs, Lightering Support Vessels (LSVs), Panamax, Suezmax and Aframax vessels, CPP and chemical tankers, as well as an Liquefied Petroleum Gas (LPG). AET is one of the market leaders in the USG lightering market with the ability to provide end-to-end marine logistic services to the global petroleum industry. It is also the only tanker company globally to possess MCV capabilities and experience. Market review Tanker owners experienced a challenging year in 2016 as the market continued to be suppressed by growing tonnage oversupply and relatively lacklustre demand. The lifting of sanctions on Iran in January 2016 partially offered additional demand for tankers, but this was severely negated by oil supply disruptions in Nigeria, Libya and Venezuela. Prevailing low oil prices also continued to curtail exploration and production investment, capping any new demand for shuttle tankers in 2016. Even against a softer commercial environment, AET’s financial performance was comparable to 2015, largely due to improved triangulation and utilisation, and lower cost of operations across the AET Group. 65 Performance Review
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