President & CEO’s Message
"Recognising our substantial impact on the energy landscape and the pressing need to transport energy more sustainably, in 2023 we launched our new Energy Transition Strategy #deliveringProgress. This strategy aims to deliver more energy with less emissions to meet the world’s need for energy security and society’s demand for lower emissions."
Zahid Osman
President & CEO
Celebrating 30 Years of Progress and our People
Over the last 30 years, AET has demonstrated remarkable growth both as an owner and operator of maritime transportation assets and as a specialised maritime service provider. It is safe to say that we have come a long way from our humble beginnings with three vessels in 1994, to becoming a leader in the tanker and lightering industry.
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AET at a Glance
Financial (US$)
Revenue
EBITDA**
Total Assets
Assets (as of 30 April 2024)
Average Age of Our Fleet vs 12.7 Industry Average
LNG dual-fuel Very Large Crude Carrier (VLCC) Newbuilds Delivered in 2023/2024
Dual-Fuel Assets
Aframax
2
DPST
2
VLCC
5
Newbuilds
4*
Vessels
World’s Only
Owner-Operator of MCVs
Operational Excellence
Vessel Availability & Vessel Utilisation
Ship-to-ship (STS) Transfers in US Gulf since Inception
Human Capital (Onshore)
Nationalities
Number of Staff
Male
Female
World's First Ammonia Dual-Fuel Aframaxes
Shipbuilding and long-term Time Charter Party (TCP) contracts signed in 2024
Awards and Recognition
vessels received Chamber of Shipping of America (CSA) Jones F. Devlin Award for Safety
vessels received CSA Annual Environmental Achievement Award
Health, Safety and Environment (HSE)
Total Scope 1^ Absolute Greenhouse Gas (GHG) Emissions Reduction in 2023 compared to 2008
Total Scope 1^ AERCO2e# Reduction in 2023 compared to 2008
Total Scope 1^ AERCO2e# Reduction in 2023 Year-on-Year (Y-o-Y)
Lost Time Injury Frequency (LTIF)
Total Recordable Case Frequency (TRCF)
Information correct as of 31 December 2023 unless otherwise stated
*Two owned ammonia dual-fuel Aframax newbuilds and two signed in-chartered newbuild contracts for LNG dual-fuel Aframaxes
** Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA)
^ For detailed description on what Scope 1 entails, refer to “Towards Decarbonisation” section under the Environment Sustainability Pillar on page 64
# AERCO2e: Annual Efficiency Ratio Carbon Dioxide Equivalent
Our Financial Performance and Year in Review
Revenue (US$ M) and EBITDA Margin (%)
Net Debt to Equity
*The mean data includes AET and large tanker players we identified as our peers in the industry
EBITDA by Income Type
FY2023 EBITDA Contribution
Climate-Related Financial Disclosures
Read MoreOur Performance Data & Sustainability Reporting Standards & Disclosures
Read MoreAET CONNECTS 2023/2024
View the report