Singapore: BW Group and PAG jointly announced that they have formed a joint venture called BW Pacific, which is purchasing ten modern medium range product tankers from Elandra Pte Ltd, a company associated with Vitol Energy (Bermuda) Ltd.
“BW is pleased to form a joint venture with one of Asia’s leading investment managers and to have PAG as a partner as we expand in the product tanker segment,” said Andreas Sohmen-Pao, ceo of BW Group.
Chris Gradel, founder & managing partner of PAG commented: “PAG is delighted to have such a blue chip partner in shipping like the BW Group. This is a very interesting time in the cycle for the industry and our joint venture with BW presents our investors with a unique opportunity to capture the potential upside in a recovery while relying on the operational excellence of a true industry leader.”
BW Pacific is aiming for a fleet size of 37 medium range and long range 1 product tankers and will be managed by the BW Group. [19/05/14]