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Nordic Tankers sale to Singapore

Wed 09 Jan 2019 by Craig Jallal, tankers and markets editor

Nordic Tankers sale to Singapore
Ginga Panther: MOL Chemical Tankers Pte of Singapore has purchased the entire operation of Nordic Tanker of Copenhagen

In a move that many will see as a sign of the times, the 100% ownership of Nordic Tankers of Copenhagen has been sold to Singapore-based MOL Chemical Tankers Pte Ltd.

The sale of Nordic Tankers by its investment fund owners Triton to MOL Chemical Tankers Pte Ltd (MOLCT) brings to an end a line of ownership that can be traced back to Wonsild & Son (established 1962).

The sale is expected to be completed in February 2019 and thereafter Nordic Tankers will continue to trade from Copenhagen and offices in Houston, Stamford and Bogota under the new name MOL Nordic Tankers A/S (MOLNT).

Both companies operate on a business model of a relatively small owned fleet with a high proportion of chartered-in tonnage serving a base cargo developed from long-term contracts of affreightment.

The Nordic tanker fleet comprises of two 14,700-dwt chemical tankers and three approximately 20,000-dwt owned chemical tankers (all built at Fukuoka, Japan) and a further 15 chemical tankers operated under various charter arrangements serving the trans-Atlantic and Latin America trades.

The MOLCT fleet comprises of 30 stainless-steel chemical tankers directly owned by MOLCT or associated companies with a further five on order. In addition, the company has 26 stainless-steel deepsea chemical tankers ranging between 19,000 dwt and 37,000 dwt under operational control through various charter arrangements serving southeast Asia.

The combined owned MOLCT/MOLNT fleet of 35 chemical carriers moves the company into 11th largest chemical tanker fleet behind Hong Lam Marine based on VesselsValue data – excluding vessels on charter.

MOLCT chief executive Tsuneo Watanabe said “We are really excited to acquire Nordic Tanker, which shall create a lot of synergies with MOLCT in the chemical tanker industry. We are confident enough that the collaboration between MOLCT and Nordic Tankers should provide better and more efficient services to all existing customers of them. It should also create extra values to our customers, shipowners and any other stakeholders, as well as management and employees of both companies.”

Nordic Tankers chief executive Per Sylvester Jensen said “At Nordic Tankers we are very pleased to get MOL Chemical Tankers as our new owners. MOL Chemical Tankers is a well-respected company with a successful history in the chemical tanker industry with strong customer focus that mirrors Nordic Tankers strategy. We expect that the new owner will enhance Nordic Tankers ability even further in delivering exceptional value to our customers, owners, employees and other stakeholders and are looking forward to further growing and developing Nordic Tankers in a close partnership with MOL Chemical Tankers.”

Business, operational and technical issues impacting the crude, product and chemical tanker trades will be discussed at the Asian Tanker Conference in Singapore in February. Book your place now.

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