BW Group establishes jv with PAG

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]
 

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