Friday, April 29, 2016

AET to buy remaining shares in Paramount

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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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