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AET buys out Restis’ stake in Paramount Tankers

AET buys out Restis’ stake in Paramount Tankers
Malaysian shipowner AET has signed an agreement to acquire the remaining 50% stake in Paramount Tankers that it jointly owns with Golden Energy Tanker Holdings, the tanker arm of Greece’s Restis Group.

The deal, expected to be completed by September 2016, will see AET, subsidiary of MISC, control 100% stake in Paramount Tankers, which owns a fleet of six aframax tankers. Financial details of the deal were not disclosed.

“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,” said Rajalingam Subramaniam, president and ceo of AET.

“Acquiring the Paramount joint venture 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,” he added.