BW buys into WOMAR

Feb 28 2014

BW Group has entered into an agreement with the shareholders of WOMAR to buy out the stake currently held by Heidmar for an undisclosed price.

Hans van der Zijde will continue as the CEO of WOMAR and Captain Uday Yellapurkar will remain chairman.

The transaction is expected to close by the end of March 2014, the Singapore-based concern said.

BW stressed that WOMAR will continue to operate as an independent and neutral service provider.

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Navig8 pools boost

(Feb 28 2014)

Phoenix Energy Navigation has joined Navig8’s Alpha8 Pool entering the 2008-built LR2 ‘Phoenix Hope’.

Nanjing makes impairment provisions

(Feb 28 2014)

Nanjing Tanker, the Shanghai-listed subsidiary of state conglomerate Sinotrans & CSC Holdings, last year made provisions totalling Yuan4.6 bill ($757 mill) for 19 VLCCs, due to weak spot rates.

OSM signs up Neste

(Feb 28 2014)

Norway-based OSM Maritime Group has taken over Finnish Neste Shipping’s fleet management.

China to stimulate VLCC demand

(Feb 28 2014)

The dramatic changes in US crude oil production through the development of the shale oil industry have already had a significant impact on the VLCC market in terms of demand.

Larger fleet boosts Scorpio figures

(Feb 28 2014)

For the fourth quarter of last year, Scorpio Tankers reported net income of $5.8 mill, compared with a net loss of $4.9 mill for 4Q12.