Through AET, we move liquid cargo for the majority of the world's oil majors and trading houses. AET's global coverage and growth plans combined with its superior service and excellent customer support will allow us to continuously enhance our position in the Aframax, VLCC, Suezmax and product tanker markets. A modern, young fleet of vessels ranging in capacity from 5,800 to 308,000 dwt. 14 newbuildings scheduled to join the fleet within the next two years, comprising three Aframax tankers; four Suezmax tankers, two DP shuttle tankers, four VLCC tankers and one MR2 tanker. Market leader in ship-to-ship transfers in the US Gulf. Major Developments in FY2010/2011 Awarded a 15-year dynamic positioning (DP) shuttle tanker contract from Petrobras in April 2010. The prospective tankers are expected to be employed in the pre-salt fields off the Brazilian Coast. Commissioned two new 105,000 dwt DP shuttle tankers and four new 158,500 dwt Suezmax tankers from Samsung Heavy Industries, Korea and four new 320,000 dwt VLCCs from Daewoo Shipbuilding & Marine Engineering Co. Ltd., Korea. Workboat building contract awarded to Leevac of Jennings, Louisiana in September 2010. Opening of new AET Offshore facility in Galveston, Texas, USA in February 2011. Concluded a sale-and-leaseback agreement for Aframax tankers Eagle Otome and Eagle Subaru, and VLCCs Eagle Virginia and Eagle Vermont in March 2011, whereby the ownership is transferred to wholly-owned subsidiary companies of ICON Capital Corp. Commercial and technical management remain unchanged.