Marine Link
Thursday, March 28, 2024
SUBSCRIBE

Viken Shipping Group News

03 Sep 2014

MOL & Viken in Shuttle Tanker Ownership J/V

Mitsui O.S.K. Lines, Ltd. (MOL) says it has decided to establish a ship-owning joint venture with Norway's Viken Shipping AS  to participate in a shuttle tanker project. The joint company is called Viken MOL AS, and will be managed from Viken Shipping's office in Bergen. The initial investment by the joint company will be the acquisition of a company belonging to the Viken Shipping Group, which owns five crude oil shuttle tankers currently serving on long-term charter contract with Petrobras Transporte S.A. of Brazil (Transpetro), a wholly owned petroleum and gas transport subsidiary Petrobras, Brazil's national oil company. MOL and Viken Shipping share an ambition to develop long term cooperation through Viken MOL AS…

13 Jun 2001

Disputed Tanker Fleet Bought

Norwegian tanker mogul Tom Steckmest bought out bondholders with whom he was due to clash in the New York courts over control of a fleet of six petroleum product tankers. "The existing bonds have been amicably cancelled and all disputes settled," Steckmest said. Shipping sources said he had paid $135 million to cancel the bonds in addition to $8 million he paid last year for equity in the ship-owning company First International. The bondholders lent most of the $257 million to build the fleet of tankers, which have worked all their lives on long-term charters to oil major Shell. Both parties asked the courts in April to decide which of them controlled the future employment of the six vessels, after the bondholders refused to accept a new contract Steckmest had negotiated with Shell.