Heidmar Inc. and shipping firm W-O Shipping Group B.V. have agreed to form a joint venture to commercially manage tankers.
Tanker operator Heidmar Inc. and shipping firm W-O Shipping Group B.V., announced Thursday that they have agreed to form a joint venture to commercially manage small and intermediate size IMO II/Chemical and other tankers less than 30,000 dwt.
"The intent of the joint venture is to provide tanker owners in this market segment with worldwide market coverage and it will initially have a combined fleet of over thirty tankers ranging in size from 3,750dwt to 16,700dwt," the companies said in a statement.
Heidmar's Marida Tanker pool and W-O Shipping's Yamuna and Ganges pools will become part of the joint venture, known as WOMAR Holdings LLC (WOMAR), the companies said.
The two pools will be managed by WOMAR from offices in Singapore and London.
Commenting on the transaction, Tim Brennan, CEO and President of Heidmar said, "We are pleased to be able to expand our commercial management business by way of this joint venture and immediately provide global fleet coverage to our customers in the small tanker sector."
Captain Rajesh Mehrotra, CEO of W-O Shipping said, "We are excited that this combination of our collective strengths in the small tanker markets will provide our current and future customers with enhanced service and increased global access."
The transaction is expected to close on May 1, 2009. Financial terms were not disclosed.