Firms in Fed’s Beige Book Fret Over Any Lengthy Baltimore Port Closure
(Bloomberg) — The closure of one of the East Coast’s busiest ports after the collapse of Baltimore’s Francis Scott Key Bridge has so far not led to broad price increases,...
The vessel sharing pool was originally led by Maersk Tankers, a unit in Denmark’s A.P. Moller-Maersk, in partnership with Phoenix Tankers, controlled by Japanese Mitsui OSK Lines, and Singaporean Samco Shipholding and Ocean Tankers.
“Following the development of the participating partners’ fleets in the Nova Tankers Pool, the partners have agreed for Nova Tankers to cease to do business as of June 30,” the pool operator said on its website.
The commercial benefits of pools to ship owners are many, including the ability to generate higher returns due to the economies of scale derived by operating a larger fleet.
However, the global tanker industry has been depressed for years because of an oversupply of vessels, meaning returns for some ship owners in pools have not been satisfactory. (Reporting by Ole Mikkelsen; Editing by Alison Williams)
(c) 2014 Thomson Reuters, All Rights Reserved
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