MISC BERHAD INTEGRATED ANNUAL REPORT 2025 08 11 09 12 03 04 05 10 SEC 07 BUSINESS REVIEW 06 13 01 02 106 www.miscgroup.com 107 www.miscgroup.com #deliveringProgress PETROLEUM & PRODUCTS PETROLEUM & PRODUCTS AWARDS AND RECOGNITIONS CSA’s Jones F. Devlin Safety Award • 48 vessels were honoured for commitment to safety 2025 Maritime SG LowCarbon50 Awards • Awarded at Singapore Maritime Week 2025 for Leadership in Decarbonisation, recognising AET’s fleet decarbonisation efforts Company of Good – 1 Heart by Singapore’s National Volunteer and Philanthropy Centre • Received for AET’s community contributions NAVIGATING THE CHALLENGES IN 2025 CSA’s Environmental Achievement Awards • 52 vessels were recognised for excellent environmental performance Spinnaker Maritime People and Culture Awards 2025 • Awarded Runner-Up for Employee Engagement at the 2025 Spinnaker HR Initiative Awards Certificate for sustained impact and contributions to VOX@ Singapore Children’s Society • Awarded a certificate and token of appreciation from Singapore’s Senior Minister of State for Digital Development and Information NAVIGATING THE CHALLENGES IN 2025 FREIGHT RATES AND MARKET VOLATILITY 1 MITIGATION RESULTS Derisking and Enhancing Financial Resilience • Maintained an optimal portfolio mix of long-term charters, strengthening secured income and reducing exposure to rate volatility • Fleet performance remained resilient, supported by a significant proportion of vessels on secured long-term charters HEIGHTENED SECURITY RISK AND SANCTIONS COMPLIANCE ARISING FROM GEOPOLITICAL CONFLICTS 2 MITIGATION RESULTS Ensuring Safety of Crew and Assets • Avoided high-risk conflict zones • Worked closely with ship managers and charterers to safeguard crew and vessel safety • Safety of our crew and assets was prioritised, with no disruptions to vessel deployment • No AET vessels were attacked or affected Close Monitoring for Compliance • Conducted close monitoring of sanctions compliance • All vessels remained fully compliant with applicable sanctions regimes MILESTONES • Signed shipbuilding agreements with SHI for the construction of two LNG dual-fuel Suezmax tankers • AET will have dual-fuel capability in all the tanker sectors it operates in - Very Large Crude Carriers (VLCCs), Aframaxes, Suezmaxes and Shuttle Tankers • Officially inaugurated AET’s new headquarters at Labrador Tower, a Green Mark Platinum super low energy (SLE)-certified building • AET joined the UNGC, expanding its commitment to responsible and transparent business practices across its global operations Expanding Dual-Fuel Capability Across the Petroleum Fleet Portfolio 1 New Headquarters in Singapore 2 United Nations Global Compact (UNGC) Member 3 DECARBONISING OUR OPERATIONS 3 MITIGATION RESULTS Executed Fleet Rejuvenation and Decarbonisation Initiatives • Signed newbuilding contracts for two LNG dual-fuel Suezmax tankers • Operated 13 LNG dual-fuel vessels in 2025, including owned and operated vessels • Partnered with DNV to implement ship-specific decarbonisation plans and CFD-based efficiency optimisation • Piloted and installed emissions-saving devices and technologies across the fleet • Contributed to a reduction in the Group’s overall GHG emissions intensity through fleet efficiency improvements • Strengthened emissions compliance alignment across all tankers classes operated by AET Profitable New Energy Business • Explore strategic partnerships and selectively progress commercially viable new energy business opportunities, including ammonia carriers, low-carbon future fuels and offshore wind solutions Decarbonisation • Enhance operational efficiency to reduce emissions across the fleet • Continue expanding dual-fuel capability to lower fuel and regulatory risk while preserving fuel optionality • Prioritise proven efficiency technologies and data-driven optimisation and selectively pilot emerging solutions with demonstrable commercial pathways Resilient Core • Progressively rejuvenate the fleet with more efficient tankers to capture opportunities in the tanker market • Expand lightering operations to support market demand and operational flexibility MOVING FORWARD
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