News

Engaged! (Marine Money)

This week Sokana Chartering Inc. and Navig8 announced that they had formed a joint venture company, Navig8 Chemicals. The two companies were well acquainted but operated in different sectors of the tanker market.

Sokana commercially manages 30 chemical tankers ranging in size from 8,600 DWT to 29,000 DWT. Focusing on the larger sizes, Navig8 manages 70 product carriers in 3 pools representing the handysize, MR and Aframax segments.

Clearly not competitors, the companies saw their businesses as complementary and are now in a position to offer a full range of services to their clients. In addition to expanding their offerings, the companies have increased their coverage worldwide through four offices, Westport, London, Shanghai and Singapore and will benefit from a combined back office and systems.

Finally, the partners believe the new venture is well positioned for future growth and hope that the new expanded platform will attract new tonnage.

If the engagement goes well, marriage is likely in the offing.

Marine Money, Volumne 7
Issue 34, August 27, 2009-08-28

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