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Norden and Diamond S join forces in product tankers consolidation move

Norden and Diamond S join forces in product tankers consolidation move
Norden and Diamond S Shipping Inc. have entered into a strategic partnership to form DiaNor, with Diamond S initially contributing 28 MR2 product tankers for marketing and operation through Norden’s existing Norient Product Pool (NPP).

Pro forma the contribution of DiaNor ships, the NPP will manage approximately 150 tankers to become one of the largest operators of MR product tankers in the world.

Diamond S also intends to contribute its existing in-house commercial expertise in the product tanker space to the global network of NPP.

Craig Stevenson Jr., ceo and president of Diamond S, commented: “We are pleased to further continue the much-needed consolidation of the tanker industry. The DiaNor partnership is an exciting new chapter for Diamond S. We believe it will create substantial value for both our shareholders and our customers. We have worked with Norden and NPP in the past and believe that they represent a state-of-the-art, world-class commercial organisation.”

DiaNor is expected to enable Diamond S and Norden to continue to better serve their existing clients via the NPP platform by creating a well-managed, homogeneous fleet, ensuring flexibility and quality service to all parties. The combined fleet will create scale, expediting further development of the digital solutions already in play in both organisations as well as optimisation including fuel efficiency, bunker purchasing and vendor contracts globally.

Jan Rindbo, ceo of Norden, said: “We are delighted to enter this partnership with Diamond S, which will further strengthen our ability to provide efficient global transport solutions to our product tanker customers.”

 

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