April 11, 2009
Heidmar and W-O Shipping in JV
Heidmar Inc. and W-O Shipping Group B.V. have signed a letter of intent to enter into a joint venture to commercially manage small tankers.
The joint venture, WOMAR Holdings LLC, will manage small and intermediate size IMO II/Chemical and other tankers 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 and will be managed by WOMAR from offices in Singapore and London. The intent is to provide tanker owners in this market segment with worldwide market coverage and the JV will initially have a combined fleet of over thirty 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 transaction is expected to close on May 1, 2009. Financial terms were not disclosed.
W-O Shipping currently handles 37 owned and managed tankers. Its main operational offices are in Germany, India, Singapore and Netherlands. W-O Shipping services include full management of ship-owning partnerships, commercial and technical management of tankers.
Heidmar, with offices in the United States, England and Singapore, commercially operates a fleet of over 110 tankers. Heidmar is the general agent and commercial manager of five pools: Star Tankers Inc. (panamax/LR1 tankers between 55,000 and 80,000 dwt); Sigma Tankers Inc. (aframax/LR2 tankers between 90,000 and 120,000 dwt): Dorado Tankers Pool Inc. (mid-range product tankers between 37,000 and 55,000 dwt); Marida Tankers Inc. (short-range product tankers between 10,000 and 18,000 dwt) and Blue Fin Tankers Inc. (suezmax tankers between 140,000 and 180,000 dwt).