MISC in expansion mode

AET Inc Ltd, a subsidiary of Malaysia’s national shipping company MISC Berhad, has ordered four 107,500 dwt Aframax tankers from the Japanese shipbuilder Universal Shipbuilding Corp at a cost of $260 million. Delivery of the first vessel is scheduled for 2009 and the remaining three units in 2010.

MISC, which is Malaysia’s third biggest company in market capitalization, also took delivery of a 300,397 dwt VLCC, its eighth such vessel from Japan’s Universal Shipbuilding Corp.