Malaysia’s American Eagle Tankers (AET) is to acquire Golden Energy Tanker Holdings’ 50% stake in Paramount Tankers, a joint venture between the two companies that owns and operates six aframax vessels.
AET did not disclose the value of the deal, which is expected to be completed by September this year.
“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,” said Captain Rajalingam Subramaniam, president and CEO of AET. Enterprises Shipping and Trading currently provides technical management for Paramount’s fleet.
“The vessels are of a high-quality design and built to our lightering specifications and can trade worldwide to serve our global client needs,” Subramaniam continued.
Paramount Tankers was established as a joint venture by the two companies in 2010.