MISC BERHAD INTEGRATED ANNUAL REPORT 2025 08 11 09 12 03 04 05 10 SEC 07 BUSINESS REVIEW 06 13 01 02 104 www.miscgroup.com 105 www.miscgroup.com #deliveringProgress AET owns and operates a diverse and global fleet of petroleum and product tankers that enable the safe and efficient transport of crude oil and refined products across key energy corridors. We hold leading positions in specialised tanker services, including ship-to-ship lightering with over 16,800 completed transfers to date, primarily in the US Gulf and the ownership and operation of Dynamic Positioning Shuttle Tankers (DPSTs) that support offshore-to-onshore oil transportation. We also operate the world’s only two Modular Capture Vessels (MCVs), purpose-built to respond rapidly to oil well incidents in the US Gulf. Committed to maritime decarbonisation, we pioneered LNG dual-fuel tankers, with 13 in our fleet, which deliver lower emissions compared to conventional vessels and we were the first to order an ammonia dual-fuel Aframax. WHAT WE DO HOW PETROLEUM & PRODUCTS CREATES VALUE The Petroleum & Products segment creates value by converting scale, market access and operational expertise into reliable, market-responsive earnings for the Group. Through active fleet deployment, disciplined cost management and fleet rejuvenation, the segment captures opportunities across market cycles while maintaining operational reliability. In parallel, the progressive transition to lower-emissions vessels strengthens regulatory readiness and fleet competitiveness, supporting MISC 2030 Ambition while sustaining the segment’s role as a core earnings contributor. PETROLEUM & PRODUCTS PETROLEUM & PRODUCTS KEY FOCUS AREAS & RESULTS We strengthened earnings resilience through secured income, disciplined fleet management and unlocking value from existing assets, alongside enhanced dual-fuel capability, supporting stable cash flows across market cycles. Resilient Core • Expanded dual-fuel capability across all tanker classes operated by AET • Sustained earnings through secured long-term contracts • Enhanced earnings stability and operational resilience through a younger, fuel-efficient fleet amid market volatility • Reduced regulatory exposure while strengthening cash flow stability across market cycles • Enhanced customer optionality in fuel selection • Signed shipbuilding agreements with Samsung Heavy Industries (SHI) for the construction of two LNG dual-fuel Suezmax tankers FLEET REJUVENATION What We Did in 2025 Results Value Impact SP1 • Executed asset divestments to recycle capital in ageing vessels • Disposal of selected VLCCs: Bunga Kasturi Lima and Bunga Kasturi Enam • Unlocked asset value and reinvested capital into new assets ASSET MONETISATION • Explored and collaborated on new business opportunities in maritime and shipping, freight and bunker derivatives development, supporting our shared decarbonisation goals • Entered into a Business Collaboration Agreement with PETCO Trading Labuan Company Limited and ARBITRA Energy Asia Private Ltd. the trading arm of PETRONAS • Realised synergies between PETCO and MISC Group to increase operational resilience and enable business model transformation STRATEGIC PARTNERSHIP We are building the capabilities and partnerships to position the segment for future contract-backed earnings as markets mature. Profitable New Energy Business • Protected margins by prioritising fuel efficiency, proven technologies and commercially viable pilots over speculative decarbonisation pathways • Advanced our new energy businesses with future-fuel ready vessel • Signed an agreement with Fleetzero to develop the world’s longest-range hybrid electric vessel on one of AET’s LSVs • In February 2026, AET signed a shipbuilding agreement to build the first hybrid-electric ethanol-ready DPST • Piloted hybrid-electric technology to evaluate feasibility and operational performance, paving the way for potential deployment across our fleet • Explored future‑fuel DPST concepts to strengthen AET’s DPST capabilities STRATEGIC PARTNERSHIPS What We Did in 2025 Results Value Impact SP2 We are strengthening emissions performance through vessel-specific optimisation and targeted technology deployments, safeguarding long-term charter competitiveness and compliance readiness. Decarbonisation What We Did in 2025 Results Value Impact • Enabled targeted emissions reduction actions across the fleet • Improved fuel efficiency and reduced GHG emissions intensity per tonne-mile while maintaining operational reliability, advancing our commitment towards decarbonisation • Applied ship-specific plans and computational fluid dynamics (CFD) analysis to prioritise efficiency optimisation measures • Partnered with DNV to implement ship-specific decarbonisation plans across the fleet STRATEGIC COLLABORATIONS TO DECARBONISE ENERGY EFFICIENCY • Installed emissions reduction technologies, such as antifouling systems and propeller coatings on our vessels • Improved AET's fleet GHG emissions performance • Reduced regulatory and transition risks through early compliance readiness SP3
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