Nordic Tankers has completed the acquisition of the remaining part of Nordic Seaarland Tankers B.V. from its joint venture partner Marco Polo Seatrade B.V.
“The acquisition marks a continuation of Nordic Tankers’ focus on profitable growth, and reflects our belief that the current historical low freight markets will improve over the coming years” said Nordic Tankers CEO Tommy Thomsen.
The acquired shares represent an ownership interest equivalent to 1½ Handysize Product Tanker, and the acquisition increases Nordic Tankers’ total ownership of Product Tankers from 4½ vessels up to 6 fully owned vessels, namely 5 Handysize vessels of 37,000 dwt and one LR1 vessel of 73,000 dwt.
Since 2006 Nordic Tankers and its partner have jointly owned the 5 Handysize Product Tanker vessels through the company Nordic Seaarland Tankers B.V., of which Nordic Tankers owned a total of 3½ vessels (one vessel 100% and between 50% and 75% of the four other vessels). Nordic Tankers now acquires two 25% stakes and two 50% stakes and thus now owns all 5 vessels fully.
All 5 vessels will continue to be employed in the Maersk Handytankers Pool.
The purchase price is partly settled through an assumption of bank debt related to the vessels and partly through an earn-out mechanism related to the future earnings and sales proceeds.
“The acquisition marks a continuation of Nordic Tankers’ focus on profitable growth, and reflects our belief that the current historical low freight markets will improve over the coming years” said Nordic Tankers CEO Tommy Thomsen.
The acquired shares represent an ownership interest equivalent to 1½ Handysize Product Tanker, and the acquisition increases Nordic Tankers’ total ownership of Product Tankers from 4½ vessels up to 6 fully owned vessels, namely 5 Handysize vessels of 37,000 dwt and one LR1 vessel of 73,000 dwt.
Since 2006 Nordic Tankers and its partner have jointly owned the 5 Handysize Product Tanker vessels through the company Nordic Seaarland Tankers B.V., of which Nordic Tankers owned a total of 3½ vessels (one vessel 100% and between 50% and 75% of the four other vessels). Nordic Tankers now acquires two 25% stakes and two 50% stakes and thus now owns all 5 vessels fully.
All 5 vessels will continue to be employed in the Maersk Handytankers Pool.
The purchase price is partly settled through an assumption of bank debt related to the vessels and partly through an earn-out mechanism related to the future earnings and sales proceeds.