Two major clean oil product tanker operators will form a vessel pool to market each others ships on opposite sides of the world.
Japan's NYK Line and International Product Tankers Ltd. (IPC), a joint venture company formed by OMI Corp. and Osprey Maritime Ltd., said the agreement would cut costs and improve services.
Under the agreement, IPC will market NYK's fleet of product tankers to European and U.S. customers when positioned in European or Atlantic waters.
NYK will market IPC's fleet of product tankers to customers in Japan and South Korea.
IPC operates a fleet of 30 ships of 1.1 million dwt. NYK is one of the world's leading shipping companies operating more than 500 ships in all areas of shipping.