Last week, AET agreed to purchase the remaining 50% of Paramount Tankers that it currently jointly owns.
It is currently owned under a 50/50 joint venture agreement with Golden
Energy Tanker Holdings. Paramount Tankers owns and operates six
Aframaxes.
Commercial management is undertaken by AET and technical management is provided by Enterprises Shipping and Trading.
AET President & CEO, Capt Rajalingam Subramaniam, said:“We are
continually looking for opportunities to ensure sustainable growth in
our business and to own/operate modern tonnage, which serves our
customer needs globally.
“Acquiring the Paramount JV in its entirety allows us to own and
operate all six vessels on our own. We are the commercial managers for
the vessels and have commenced taking over the technical management. The
vessels are of a high quality design and built to our lightering
specifications and can trade worldwide to serve our global client needs.
This transaction demonstrates our commitment to our customers,
shareholders, stakeholders and the industry we operate in.
“Paramount Tankers has been an extremely successful joint venture and
I’d like to thank our partners for their unwavering support over the
past six years.”
AET expects the transaction to be concluded by September, this year.
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