Eurofin expands Merlin Tankers

Thursday, May 25, 2006
Eurofin, the specialist ship finance adviser, has launched its specialist ship investment fund vehicle, Merlin Tankers Inc. The new company has purchased two 38,000 dwt tankers which will be dedicated to the vegetable oil trades. The purchase of a third vessel is about to be completed. Janos Koenig, managing director of Eurofin, says, “We are delighted with the uptake of Merlin Tankers and confident that our specialist focus will give us a competitive advantage. There is a reservoir of capital from non-shipping investors which is seeking an entry into shipping but which would be uncomfortable with a play focussed on the volatile mainstream tanker or dry bulk markets. Merlin Tankers is focussed on new opportunities in edible oil transport. That gives investors a focussed niche market play, and we expect to grow substantially over the next year as demand for specialised edible oils tankers increases when new regulations come into force.” Merlin Tankers Inc is an investment company managed by the Eurofin Group which will buy and operate ships focussed on veg oil carriage. Commercial management of the ships will be carried out by Bergen-based Champion Tankers, which is a leader in the edible oil trades. Technical management will be provided by Piraeus-based Genoa Maritime, which has extensive experience with these trades and with sister ships to those purchased by Merlin Tankers. The two ships purchased so far are the 38,000 dwt Merlin Trader and Merlin Champion, both of which are now en route to China where they will be converted to full double/double configuration, bringing them up to IMO Cat II. According to Koenig, “New IMO regulations on the carriage of edible oils mean that from January 1, 2007 these oils will have to be carried in IMO Cat II or III ships. That will create a shortage of tonnage in these trades, and with these cost-effective vessels ready to trade from this autumn we are well prepared to take advantage of that.”

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Ports

Libyan Oil Exports to Resume from Closed Ports

Libyan oil exports from closed ports should resume in no more than one to two weeks after a deal was signed between the government and an armed brigade controlling the terminals,

Asia-N.Europe Box Rates Jump 58 pct

Freight rates for shipping containers from ports in Asia to Northern Europe jumped 58 percent to $1,125 per 20-foot container (TEU) in the week ending Friday, a

CMA CGM Rolls out Bengal Bay Express

CMA CGM has introduced its new Bengal Bay Express service, operated with 11 vessels of 6,500 TEU on a weekly basis, in a continuous effort to provide its customers with the best quality service.

Finance

Swiber Applies for Judicial Management Instead of Liquidation

Singapore oilfield services company Swiber Holdings Ltd said on Friday it has applied to place itself under judicial management instead of liquidation.   Swiber

US Oil Drillers Add Rigs for 5th Week in a Row

U.S. drillers this week added oil rigs for a fifth consecutive week, Baker Hughes Inc said on Friday, but the oilfield services provider and some analysts cast

Daewoo Shipbuilding: $1.4 bln order Cancelled

Cancelled order part of Statoil's Bressay project. South Korea's Daewoo Shipbuilding & Marine Engineering Co Ltd on Friday said a 1.58 trillion won ($1.41 billion)

 
 
Maritime Security Maritime Standards Naval Architecture Navigation Pipelines Pod Propulsion Ship Repair Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0838 sec (12 req/sec)