2020 is proving to be the year where shipping pools roared back in popularity across many segments. The latest development sees Chembulk Tankers signing commercial management agreements for its entire fleet of owned and chartered stainless-steel chemical tankers to enter commercial pools managed by Womar Logistics.
Womar will assume commercial management of the Chembulk vessels starting from the end of the March, with completion by May 2020. Management will be from Womar’s offices in Singapore, Houston, Rotterdam, Mumbai and a new Womar commercial management office in Stamford, Connecticut.
Chembulk will remain responsible for all finance functions, corporate control and reporting, as well as the technical management performance of its fleet. The company will close its office in Geneva.
Bart Kelleher, CEO of Chembulk, commented: “Chembulk’s commercial shift to the Womar chemical pools places our quality vessels in an established and growing revenue sharing platform, providing commercial efficiencies, logistics flexibility and a seamless continuation of the performance our customers expect from Chembulk vessels. All other ownership responsibilities will remain fully within Chembulk. We are committed to delivering the greatest possible value to all our stakeholders, and we are working steadfastly toward completing this commercial partnership through a seamless and accretive transition. We are also very pleased that Chembulk’s fleet will have commercial continuity with experienced staff joining Womar.”
Womar was founded in 2009 by Heidmar and other investors, and in September 2019 was sold to Connecticut-based FDX Offshore.