Heidmar Inc. and W-O Shipping Group B.V. have agreed on terms for the formation of a joint venture, WOMAR Holdings LLC, to commercially manage small and intermediate size IMO II/Chemical and other tankers less than 30,000 DWT.
Heidmar's Marida Tanker pool and W-O Shipping's Yamuna and Ganges pools will become part of the joint venture and will be managed by WOMAR from offices in Singapore and London. The intent of the joint venture is to provide tanker owners in this market segment with worldwide market coverage and it will initially have a combined fleet of over thirty tankers ranging in size from 3,750DWT to 16,700DWT.
The transaction is expected to close on May 1, 2009. Financial terms were not disclosed.