Nova Tankers to Shut Down Its Business

Nova Tankers, an operator of very large crude carriers (VLCC), will cease its business operations as of 30th of June, the company announced.

As explained by the pool operator, the decision comes “following the development of the participating partners’ fleets in the Nova Tankers Pool”.

Consequently, the partners are to provide their own services going forward; chartering of MOL and Phoenix Tankers vessels will be handled by Phoenix Tankers, and for the Samco spot trading fleet this will be handled by Samco,” Nova Tankers went on to say.

Nova Tankers added that it will continue handling ongoing voyages and Maersk Tankers, on behalf of Nova Tankers, will assume the responsibility of collecting outstanding claims.

The vessel sharing pool was formed in the beginning of 2012 by five partners: Mitsui O.S.K. Lines, ltd., Phoenix Tankers pte. Ltd., a.p. Møller – Mærsk A/S (Maersk Tankers), Samco Shipholding pte. Ltd. and Ocean Tankers (pte.) Ltd., from Singapore.

Despite numerous benefits of pools for shipowners, the oversupply of vessels in the global tanker industry has caused market depression for years now, resulting in low returns for some shipowners in pools,  writes Reuters.

World Maritime News Staff,  June 23, 2014

Share this article

Follow World Maritime News

In Depth>

Events>

<< Nov 2019 >>
MTWTFSS
28 29 30 31 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 1

The 9th Annual Event Green Shiptech China Congress 2020

The 9th Annual Event- Green Shiptech China Congress 2020 will be held on next…

read more >

CWC World LNG Summit & Awards Evening

The CWC World LNG Summit & Awards Evening will be returning to Rome in 2019 to celebrate it’s 20th year.

read more >

Salvage & Wreck

Salvage and Wreck Removal Conference will focus on Casualty management case studies, Dealing with hazardous cargo and container ship fires…

read more >

Maritime Reconnaissance and Surveillance Technology

As varied threats in the Mediterranean Sea continue to proliferate, the need to advance…

read more >