|
News Code
69321
Copied
Nordic Tankers, Crystal Pool reveal plans to merge chemical tanker fleets
TIN news: Borealis Maritime Ltd and Nordic Tankers announce their intention to form a jointly held company, Crystal Nordic AS, specializing in the shortsea, ice class chemical tanker trade in the Baltic and North-Western European market.
Crystal Nordic A/S will be owned on a 50/50 basis by Nordic Tankers and Embarcadero Maritime (Borealis Maritime). The new company will take over the respective ice classed stainless chemical tankers businesses from its owners, which currently operate under the Nordic Tankers and Crystal Pool trade names. All other Nordic Tankers and Borealis Maritime operations and ventures are unaffected by the new partnership.
Crystal Nordic will control a fleet of fifteen 4,000-11,400 dwt stainless steel ice class 1A/1B chemical tankers, totaling close to 100,000 dwt and performing in excess of 600 voyages yearly. Crystal Nordic will be a strong player with a modern and efficient fleet that will strengthen the services provided to the oil and chemical industry in Europe, with focus on the Baltic Sea and the Northwestern European region.
The new partnership is subject to approval by the competition authorities. Crystal Nordic is expected to commence trading in Q1/2016.
Combining the fleets will enable Crystal Nordic to obtain significant operational efficiencies in the form of reduced ballasting and idle days, improved utilization of capacity, and enable new voyage combinations. Covering a wider range of cargo sizes in a larger geographical scope, the combined fleet also offers a better transportation product to both existing and potential customers.
"Capturing these efficiency gains will enable Crystal Nordic to become highly competitive while at the same time operating at the strictest safety and quality standards. The partnership is an important step in Nordic Tankers' growth strategy to obtain critical mass in core markets. The strong consolidation-move will simultaneously improve our offering to customers and strengthen the financial sustainability in all our global activities," says Nordic Tankers' CEO Per Sylvester Jensen.
Crystal Nordic A/S will be owned on a 50/50 basis by Nordic Tankers and Embarcadero Maritime (Borealis Maritime). The new company will take over the respective ice classed stainless chemical tankers businesses from its owners, which currently operate under the Nordic Tankers and Crystal Pool trade names. All other Nordic Tankers and Borealis Maritime operations and ventures are unaffected by the new partnership.
Crystal Nordic will control a fleet of fifteen 4,000-11,400 dwt stainless steel ice class 1A/1B chemical tankers, totaling close to 100,000 dwt and performing in excess of 600 voyages yearly. Crystal Nordic will be a strong player with a modern and efficient fleet that will strengthen the services provided to the oil and chemical industry in Europe, with focus on the Baltic Sea and the Northwestern European region.
The new partnership is subject to approval by the competition authorities. Crystal Nordic is expected to commence trading in Q1/2016.
Combining the fleets will enable Crystal Nordic to obtain significant operational efficiencies in the form of reduced ballasting and idle days, improved utilization of capacity, and enable new voyage combinations. Covering a wider range of cargo sizes in a larger geographical scope, the combined fleet also offers a better transportation product to both existing and potential customers.
"Capturing these efficiency gains will enable Crystal Nordic to become highly competitive while at the same time operating at the strictest safety and quality standards. The partnership is an important step in Nordic Tankers' growth strategy to obtain critical mass in core markets. The strong consolidation-move will simultaneously improve our offering to customers and strengthen the financial sustainability in all our global activities," says Nordic Tankers' CEO Per Sylvester Jensen.