NORDEN, Diamond S Partner in Product Tanker Market
Two of the world’s largest owners/operators of product tankers, Denmark-based NORDEN and U.S.-based Diamond S Shipping, have created a strategic partnership, DiaNor, to facilitate the commercial consolidation of the product tanker industry.
Diamond S will initially contribute 28 medium range (MR2) product tankers to the endeavor, which will be marketed and operated through the Norient Product Pool (NPP). Diamond S also intends to contribute its existing in-house commercial expertise in the product tanker space to the global network of NPP. Counting the contribution of DiaNor ships, the NPP will manage approximately 150 tankers and become one of the largest operators of medium range (MR) product tankers in the world.
Craig Stevenson Jr., CEO & President of Diamond S, commented “We are pleased to further continue the much-needed consolidation of the tanker industry..”
“We are convinced that the scale created by the combined fleets as well as the people competencies will create great value to our stakeholders,” says Søren Huscher, Head of Tanker Operator at NORDEN.
The management of the combined fleet of around 90 MR2 product tankers will be handled from NORDEN’s existing office locations in the U.S., Singapore and Denmark and become one of the largest within the segment.