The new joint-venture Crystal Nordic commences trading

By Curious

Crystal Nordic A/S is the new joint-venture combining Nordic Tankers’ and Borealis Maritime Ltd’s operations in the short-sea, ice class chemical tanker trade. All competition authority approvals have been obtained and Crystal Nordic A/S, consequently, is open for business since February 1, 2016.

Headquartered in Denmark and operating under the Danish tonnage tax system, Crystal Nordic A/S is 50/50 owned by Nordic Tankers and Embarcadero Maritime (Borealis Maritime). The company takes over the respective ice classed stainless chemical tankers businesses from its owners.

The new joint-venture Crystal Nordic commences trading

Chemical tanker Nordic Marianne Image: Nordic Tankers

Crystal Nordic controls a fleet of fifteen 4,000-11,400 dwt stainless steel ice class 1A/1B chemical tankers, totalling close to 100,000 dwt and performing in excess of 600 voyages yearly. Hence, Crystal Nordic is a strong player in the short-sea ice class trade with a modern and efficient fleet. The joint-venture will strengthen the services provided to the oil and chemical industry in Europe, with focus on the Baltic Sea and Northwest European waters.

"Covering a wider range of cargo sizes in a larger geographical scope, Crystal Nordic's combined fleet offers a better transportation product to customers. The combination enables significant operational efficiencies in the form of reduced ballasting and idle days, improved utilization of capacity, and allows new voyage combinations. Capturing these efficiency gains will enable Crystal Nordic to become highly competitive while at the same time operating at the strictest safety and quality standards," says Nordic Tankers' CEO Per Sylvester Jensen.

Crystal Nordic is an integrated shipping company with its own board and management as well as own chartering, operations, control and demurrage functions. The staff comprises former employees from Nordic Tankers in Copenhagen and Crystal Pool in Helsinki.

Valuable expertize in terms of commercial contacts and contracts, Baltic trade knowledge and operational and technical competencies are thereby secured for Crystal Nordic allowing the company to guarantee business-as-usual from day one.

The company is headed by Managing Director Jan Eghøj and General Manager, Chartering Lars Andersen.

Crystal Nordic has a solid equity ratio and strong liquidity position from its inception.

All other Nordic Tankers and Borealis Maritime operations and ventures are unaffected by the new partnership.

Source: NordicTankers