The European Commission has approved a chemical tanker merger between the Marshall Islands-based Borealis Maritime and Danish tanker operator Nordic Tankers.
Through the joint venture company, Crystal Nordic AS, the companies would combine some of their stainless steel chemical tankers business in Europe, with focus on North-Western Europe and the Baltic region.
The JV will control a fleet of fifteen 4,000–11,400 DWT stainless steel ice class 1A/1B chemical tankers, totaling close to 100,000 DWT and performing in excess of 600 voyages yearly.
As World Maritime News reported in November, the new company is expected to commence trading in the first quarter of 2016.
According to the European Commission, the proposed acquisition would not raise competition concerns given the moderate market positions in the tramp shipping sector resulting from the transaction.