Heidmar and the W-O Shipping group have joined together to commercially manage small tankers.
Heidmar and the W-O Shipping group have joined together to commercially manage small tankers. The joint venture, WOMAR Holdings, will manage small and intermediate size IMO II type chemical, plus other types, of less than 30,000 dwt. Heidmar's Marida Tanker pool and W-O Shipping's Yamuna and Ganges pools will become part of the joint venture (jv) and will be managed by WOMAR from offices in Singapore and London.
The jv is intended to provide tanker owners in this sector with worldwide market coverage. It will initially have a combined fleet of over 30 tankers ranging in size from 3,750 dwt to 16,700 dwt.
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 new arrangement is due to commence operations on 1st May. The financial terms were not disclosed.
W-O Shipping currently operates 37 owned and managed tankers. Its main offices are in Germany, India, Singapore and Netherlands. The group's services include the full management of shipowning partnerships, plus the commercial and technical tanker management.
Heidmar, with offices in the US, UK and Singapore, commercially operates a fleet of over 110 tankers.
It is the general agent and commercial manager of five pools: Star Tankers (Panamax/LR1 tankers between 55,000 dwt and 80,000 dwt); Sigma Tankers (Aframax/LR2 tankers between 90,000 dwt and 120,000 dwt): Dorado Tankers Pool (MR product tankers between 37,000 dwt and 55,000 dwt); Marida Tankers (short-range product tankers between 10,000 dwt and 18,000 dwt) and Blue Fin Tankers (Suezmaxes between 140,000 dwt and 180,000 dwt).