Chembulk Tankers announced on Monday (Mar16) that it has signed commercial management agreements for its entire fleet of owned and chartered stainless-steel chemical tankers to enter commercial pools managed by Womar Logistics. Together with several current Chembulk chartering and operations professionals, the fleet will transition to commercial management by Womar in an orderly and efficient manner, considering voyage completions and practical scheduling of forward requirements.
Womar will assume commercial management of the Chembulk vessels from its existing offices in Singapore, Houston, Rotterdam, Mumbai and a new Womar commercial management office opened in Stamford, Connecticut. It is anticipated that the vessel transitions will commence at the end of March and will be completed during May 2020.
Throughout and following the transition of its commercial operations to Womar, Chembulk will remain responsible for all its finance functions, corporate control and reporting, as well as full oversight and control of the technical management performance of its fleet. Chembulk's existing presence in Southport, Houston and Singapore will be efficiently staffed accordingly for those functions, while its office in Geneva will be discontinued.
Commenting on the strategic shift, Chembulk CEO, Bart Kelleher stated, "Chembulk's commercial shift to the Womar chemical pools places our quality vessels in an established and growing revenue sharing platform, providing commercial efficiencies, logistics flexibility and a seamless continuation of the performance our customers expect from Chembulk vessels. All other ownership responsibilities will remain fully within Chembulk. We are committed to delivering the greatest possible value to all our stakeholders, and we are working steadfastly toward completing this commercial partnership through a seamless and accretive transition. We are also very pleased that Chembulk's fleet will have commercial continuity with experienced staff joining Womar."
Jake Scott, Managing Partner of FDX, which acquired Womar in September 2019, said from Stamford, "We are pleased to assume the commercial management of the Chembulk fleet. This is an exciting development for Womar as it demonstrates both our focus on growth and our ability to provide solutions for shipowners. With this deal, Womar establishes an important footprint here in Connecticut as we seek to expand into new markets."
Source: Chembulk Tankers