AET Makes Major Tech Investments While Urging Industry To Act Now On Decarbonization
“Everyone needs to take action immediately to accelerate decarbonization. We simply can’t wait until the eleventh hour,” says Capt. Rajalingam Subramaniam, President & CEO, AET and COO, MISC Group. “For our part, we’ve made significant technology investments and teamed up with like-minded partners who share our goal to create a sustainable global trade network. And it won’t stop there.”
AET’s commitment to moving energy in an increasingly responsible and eco-friendly way is evidenced, first, through its support for LNG as a transitional fuel. “We were an early pioneer in LNG and firmly believe it’s a viable energy source while we wait for lower-carbon alternatives,” says Capt. Raja.
The company has teamed up with LNG value-chain stake- holders including cargo customers, shipyards, equipment makers and financing parties. “We’re investing in talent and technology for the future. It won’t happen overnight, but we’re committed to supporting new solutions that shift the industry towards net zero,” he says.
Since 2016, AET has invested a total of around USD 2bn in new, more eco-efficient assets, including around USD 1bn in dual-fuel vessels which are all on long term charters with energy majors. “Our fleet today includes 11 dual-fuel tankers – three Aframaxes in the Atlantic, one in the Pacific and two of the world’s first dual-fuel dynamic positioning shuttle tankers in the North Sea and Barents Sea plus five dual-fuel VLCC newbuilds for delivery in 2022 and 2023. We are very proud of that,” Capt. Raja says.
The company has also been searching for suitable methane abatement technologies as part of its LNG strategy. Just in October, it joined other strategic partners as an investor in climate tech start-up Daphne Technology. “That marked our entry into R&D for emissions reduction. We will deploy and test the solutions across our LNG vessels, as well as exploring all options for ‘Tank-to-Wake’ abatement,” he says.
Meanwhile, AET’s parent the MISC Group is a partner in “The Castor Initiative”. “As such, we will closely evaluate ammonia-fuelled hybrid assets and, as a potential future purchaser of ammonia bunker fuel, we also want to collaborate on building the necessary infrastructure to contribute to a zero-emission maritime goal,“ says Capt. Raja.
AET is also striving for business excellence through its purposeful sustainability agenda and ESG initiatives. “In addition to the environment, we’re expanding our social contribution and strengthening governance to deliver on our 11 identified UN Sustainability Development Goals,” says Capt. Raja. “We’re doing what we can to be impactful and reduce our carbon footprint to contribute to a sustainable future for the planet.”