Danish operator Nordic Tankers and UK operator Borealis Maritime have announced their intention to form a jointly owned company, Crystal Nordic A/S, with the aim of combining their short-sea chemical tanker operations in Europe. The two partners will transfer their ice-class stainless steel chemical tankers, currently run in the Baltic and North-Western European market under the ”Nordic Tankers” and ”Crystal Pool” trade names, to the 50:50 joint company. All other Nordic Tankers and Borealis Maritime operations and ventures are unaffected by the new partnership, the announcement said.
Crystal Nordic will control a fleet of 15 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. The integration will enable the joint firm to obtain significant operational efficiencies in the form of reduced ballasting and idle days, improve capacity utilization and enable new voyage combinations.
The new partnership is subject to approval by the competition authorities. Crystal Nordic is expected to commence trading in the first quarter (January-March) of 2016. It will be incorporated and headquartered in Copenhagen, Denmark, and operate under the Danish tonnage tax system.
Nordic, Borealis combine ice-class chemical tanker business
Danish operator Nordic Tankers and UK operator Borealis Maritime have announced their intention to form a jointly owned company, Crystal Nordic A/S, with the aim of combining their short-sea chemical tanker operations in Europe. The two partners will transfer their ice-class stainless steel chemical tankers, currently run in the Baltic and North-Western European market under the ”Nordic Tankers” and ”Crystal Pool” trade names, to the 50:50 joint company. All other Nordic Tankers and Borealis Maritime operations and ventures are unaffected by the new partnership, the announcement said.
