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            november 21, 2019

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AET orders three product tankers in Russia


Tanker owner-operator AET has ordered three 6,600DWT oil/chemical tankers from Russia’s Okskaya Shipyard using BIMCO’s NEWBUILDCON standard newbuilding contract. The contract for the new tankers was signed on 28 August, with the vessels due for delivery between July and December 2009. 
The order for the new tankers is aimed at expanding AET’s fleet capacity and extending the geographical coverage of its operations. Long-term employment for the vessels has already been secured. 
Commenting on the decision to use NEWBUILDCON in this latest order, Zurina Raja Abu Bakar, AET’s Legal Counsel responsible for orchestrating the deal, said: 
“NEWBUILDCON provides a solid contractual platform that facilitates the placement of newbuilding contracts for both shipowners and yards. It represents an excellent standard form suitable for global use. 
“In line with AET’s commitment to innovation, we are proud to join the very select group of pioneering owners to have used NEWBUILDCON to date. We are also grateful to Okskaya Shipyard for their willingness to embark on this journey with us, setting a precedent for other yards to follow. 
“Our first experience with the standard contract form has been a positive one, leaving us in no doubt that we will adopt it in future orders. It is our hope that other owners will follow our lead and establish NEWBUILDCON as the accepted international standard for new vessel orders.”

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