BW Group and PAG have formed a joint venture called BW Pacific which is purchasing ten modern Medium Range product tankers from Elandra Pte Ltd, a company associated with Vitol Energy (Bermuda) Ltd.
Andreas Sohmen-Pao, CEO of BW Group commented: “BW is pleased to form a joint venture with one of Asia’s leading investment managers and to have PAG as a partner as we expand in the product tanker segment.”
Chris Gradel, Founder & Managing Partner of PAG commented: “PAG is delighted to have such a blue chip partner in shipping like the BW Group. This is a very interesting time in the cycle for the industry and our joint venture with BW presents our investors with a unique opportunity to capture the potential upside in a recovery while relying on the operational excellence of a true industry leader.”
BW Pacific will have a fleet size of 37 Medium Range and Long Range 1 product tankers and will be managed by the BW Group.
May 19, 2014