Connecticut, January 24, 2012 – After 19 years with the company, the board of Heidmar has, with regret, accepted the resignation of its CEO, Tim Brennan. Mr Brennan will remain at the company for a mutually agreeable time in order to assist in the transition to a new management structure. He leaves a robust company with 118 employees in three offices and 124 ships in five pools serving an international client base with high quality vessels from 35 different owners. Under his leadership, Heidmar grew to become the model modern tanker pool business, based on service, quality, innovation, transparency and commercial acumen.
Charles Tammara, who will become the interim CEO, commented on Mr. Brennan’s departure saying “I am very sorry to see Tim leave, but am extremely grateful for what Tim has accomplished not only during his stewardship as CEO, but over his entire tenure at Heidmar and wish him continued success in all his future endeavors.” He also mentioned that the Heidmar Board was in the process of conducting a search to find a permanent CEO to replace Mr. Brennan.
Tim Brennan shared, “For almost 20 years, Heidmar was all I knew. I am forever grateful to Per Heidenreich, Charlie Tammara and all of Heidmar’s employees and shareholders for having faith in me and giving me the opportunity to be a part of this great company. I am also deeply appreciative of our pool partners’ and customers’ support of Heidmar over the past two decades.”
David Morgan of Morgan Stanley, one of the major owners of Heidmar, praised Mr Brennan for his leadership.”Tim has given this company two decades of unparalleled service helping to make Heidmar a world leader in the commercial operations of tankers. While he will be missed, we are fortunate that he leaves us a time when Heidmar’s pools are operating extremely well in what continues to be a challenging market, and we remain committed and confident in its future.”
George Economou, on behalf of Shipping Pool Investors, the other major owner of Heidmar, also re-iterated his commitment to the company. He commented, “Our investment in Heidmar was made because I believe in the business, which derives from the high caliber of Heidmar’s staff. Tim Brennan helped assemble a team at Heidmar which took a vision and translated it into results.”
2011 A Year of Growth for Heidmar Pools
Heidmar’s 5 pools, Sigma, Blue Fin, Seawolf, Dorado and Star, all performed well during what was a challenging year for the tanker industry. Collectively the pools transported 70 million metric tons of cargo for customers on a worldwide basis. 11 new pool partners joined Heidmar during 2011 and the Pool’s collective tonnage now stands at 13.8 million deadweight tons, up from 12 million deadweight tons the prior year.
In 2011, 29 vessels were added to the Heidmar pools. Heidmar has and continues to invest in the development of its Information Technology systems for the purpose of improving efficiency in the commercial operation of the pool vessels and the reporting of the results to pool members.
Heidmar is the general agent and commercial manager of five pools: Star Tankers Inc. (panamax/LR1 tankers between 55,000 and 75,000 deadweight tons); Sigma Tankers Inc. (aframax/LR2 tankers between 90,000 and 120,000 deadweight tons) Dorado Tankers Pool Inc. (mid-range product tankers between 39,000 and 55,000 deadweight tons), Blue Fin Tankers Inc. (suezmax tankers between 140,000 and 180,000 deadweight tons) and Seawolf Tankers Inc. (very large crude carriers greater than 200,000 deadweight tons).