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.

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World Maritime News Staff,  June 23, 2014