Tim Brennan To Leave Heidmar

press release
Wednesday, January 25, 2012
Tim Brennan

2011 A Year of Growth for Pools.
 
 

After 19 years with the company, the board of Heidmar has, with regret, accepted the resignation of its CEO, Tim Brennan. Mr Brennan will remain at the company for a mutually agreeable time in order to assist in the transition to a new management structure. He leaves a robust company with 118 employees in three offices and 124 ships in five pools serving an international client base with high quality vessels from 35 different owners. Under his leadership, Heidmar grew to become the model modern tanker pool business, based on service, quality, innovation, transparency and commercial acumen. 
 
 

Charles Tammara, who will become the interim CEO, commented on Mr. Brennan's departure saying "I am very sorry to see Tim leave, but am extremely grateful for what Tim has accomplished not only during his stewardship as CEO, but over his entire tenure at Heidmar and wish him continued success in all his future endeavors." He also mentioned that the Heidmar Board was in the process of conducting a search to find a permanent CEO to replace Mr. Brennan.
 
 

Tim Brennan shared, "For almost 20 years, Heidmar was all I knew. I am forever grateful to Per Heidenreich, Charlie Tammara and all of Heidmar's employees and shareholders for having faith in me and giving me the opportunity to be a part of this great company. I am also deeply appreciative of our pool partners' and customers' support of Heidmar over the past two decades."
 
 

David Morgan of Morgan Stanley, one of the major owners of Heidmar, praised Mr Brennan for his leadership."Tim has given this company two decades of unparalleled service helping to make Heidmar a world leader in the commercial operations of tankers. While he will be missed, we are fortunate that he leaves us a time when Heidmar's pools are operating extremely well in what continues to be a challenging market, and we remain committed and confident in its future."
 
 

George Economou, on behalf of Shipping Pool Investors, the other major owner of Heidmar, also re-iterated his commitment to the company. He commented, "Our investment in Heidmar was made because I believe in the business, which derives from the high caliber of Heidmar's staff. Tim Brennan helped assemble a team at Heidmar which took a vision and translated it into results."
 
 

2011 A Year of Growth for Heidmar Pools
 
 

Heidmar's 5 pools, Sigma, Blue Fin, Seawolf, Dorado and Star, all performed well during what was a challenging year for the tanker industry. Collectively the pools transported 70 million metric tons of cargo for customers on a worldwide basis. 11 new pool partners joined Heidmar during 2011 and the Pool's collective tonnage now stands at 13.8 million deadweight tons, up from 12 million deadweight tons the prior year. In 2011, 29 vessels were added to the Heidmar pools. Heidmar has and continues to invest in the development of its Information Technology systems for the purpose of improving efficiency in the commercial operation of the pool vessels and the reporting of the results to pool members.  

Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

NSRP Risk Management Panel and SCA Joint Meeting

The National Shipbuilding Research Program (NSRP) Risk Management Panel will be meeting jointly with the Shipbuilders Council of America (SCA) November 5-6, 2014 in Virginia Beach, Va.

WEG to Showcase Drive Solutions at SMM

WEG, a global supplier of drive systems, will showcase its range of systems for the shipbuilding and offshore industry at this year’s SMM (Shipbuilding, Machinery & Marine Technology Fair) in Hamburg.

Kirby Reports Record Q2 2014

Record 2014 second quarter earnings per share of $1.31 compared with $1.11 in the 2013 second quarter, which included a $0.07 benefit due to the reduction of the United earnout liability.

Tanker Trends

US DOE Approves Oregon LNG Export Project

The U.S. Energy Department said on Thursday it has approved Oregon LNG to export liquefied natural gas, as the Obama administration works through applications to

Kurdistan Says Crude Cargo Near Texas Legally Sold

A $100 million cargo of crude oil in a tanker near Texas was legally shipped and sold by Kurdistan, lawyers for the autonomous region in Iraq told a U.S. court in a letter seen on Thursday,

Kirby Reports Record Q2 2014

Record 2014 second quarter earnings per share of $1.31 compared with $1.11 in the 2013 second quarter, which included a $0.07 benefit due to the reduction of the United earnout liability.

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Pipelines Port Authority Ship Electronics Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1864 sec (5 req/sec)