PETROLEUM & PRODUCT SHIPPING Key developments In 2016, we acquired the remaining 50% stake in the Paramount Tankers JV, to strengthen AET’s core fleet age profile and capacity. The chemical and CPP fleets were also merged to provide greater flexibility and capacity to customers while allowing AET to secure spot fixtures as well as generate earnings from both front and back haul trades. The integration of the two fleets enables the Group to enjoy economies of scale as well as deliver a more integrated marine logistics solution to customers. The segment also performed a number of lightering operations using Suezmax i ns t ead o f Af r amax t anke r s . I n anticipation of potential cargo upsizing in the future, AET took the opportunity to improve triangulation and optimisation opportunities for both fleets. 58 AET vessels were awarded the Environmental Achievement Awards by the Chamber of Shipping of America (CSA ) f o r t he i r env i ronmen t a l l y responsible operations, while two workboats and 55 vessels were presented with the Jones F. Devlin Awards for accident-free operations at the CSA Annual Safety Awards. In 2016, AET continued to expand its presence and operations in Latin America. Its efforts included the acquisition of a new on-water LSV to ma i n t a i n and expand l i gh t e r i ng operations in the region and the expansion of its Brazil office. Also in 2016, a subsidiary was incorporated in Panama to capitalise on opportunities potentially arising from the expanded Panama Canal, including STS operation off the coasts of Panama, Ecuador and the US West Coast. MISC BERHAD • Annual Report 2016 66 President/Group CEO’s Review and MD&A BUSINESS SEGMENT AND OPERATIONS REVIEW
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