Tokyo Marine and Jo Tankers Agree to Jointly Operate New Chemical Tanker Pool
June 07, 2013
Tokyo Marine Asia Pte Ltd (Tokyo Marine) and Jo Tankers A/S (Jo Tankers) are pleased to announce that they today have signed a Letter of Intent to establish a pool structure with the aim of integrating the chemical tanker business of both parties, looking to start its full-fledged operation on the 1st of September, 2013, subject to all necessary arrangements in time.
The intent is that a new company, Milestone Chemical Tankers Pte Ltd (“Milestone Chemical Tankers”), which will be jointly established in Singapore with 50/50% shareholdings, will act as commercial managers of the pool vessels. Yoichi Aoki, Managing Director of Tokyo Marine, will assume the position of CEO and Egil H. Giertsen, Managing Director of Jo Tankers, will assume the position of COO of the new company.
Milestone Chemical Tankers will manage the whole chartering and operations for all vessels currently under operations of Tokyo Marine and Jo Tankers. A total of 63 vessels, consisting of 52 vessels from Tokyo Marine and 11 from Jo Tankers, are planned to participate in the pool.
Regional offices will be set up in Bergen, London and Houston for better services at closer locations to worldwide customers.
It has been a long targeted goal for both Tokyo Marine and Jo Tankers to meet the diversifying customers’ needs by providing worldwide services with adequate frequency. With two service providers operating as a single entity, it is the ultimate and primary goal to improve the services by providing wider options in selection of fleets and high frequency of voyages. Forming the Pool will establish a milestone in the industry of Chemical Tankers and enable the Pool to provide more competitive options for various customers in the market of Chemical Tankers which undoubtedly will continue to grow.