Singapore's breakbulk and heavy-lift shipping outfit AAL announced fleet expansion plans.

Formerly known as Austral Asia Line, the company recently had a rebranding exercise.

AAL, whose owned fleet comprises ten 31,000dwt A-Class and four 19,000dwt S-Class vessels - each with a combined heavy-lift capability of 700 tonnes - wants to boost its fleet size to more than 500,000dwt in 2015. Comprising of owned and chartered vessels, the move will add needed capacity to the multipurpose sector's youngest and most advanced fleet.

AAL said it had bucked market trends by doubling revenues in the past two years, raised its market share in core regions, and grown from an Austral-Asian carrier to a truly global operator with the expansion of its fleet, trade routes, services, and operational infrastructure on a worldwide scale.

AAL also employs third-party tonnage on long-term charter and vessels on single voyage charter.

AAL's customers are in oil and gas, mining, and construction and renewable industries, which involve shipping machinery and heavy goods.

"Despite the challenges we all face in today's shipping industry, AAL has continued to realize strong growth and performance," said AAL managing director Kyriacos Panayides.

"This growth has been largely achieved by managing our operational costs, maximizing efficiencies within our fleet, and expanding into new markets."

Panayides added that close relationships with shippers have also helped.