Independent journal on economy and transport policy
15:19 GMT+2
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BW Group buys ships and constitutes joint venture
the group of Singapore has constituted new companies with the compatriots Pavillon Energy and P
May 23, 2014
the shipowning group BW Group of Singapore has signed a joint venture agreement of with the compatriot Pavillon Energy of the Temasek group with the objective to acquire, to manage and to rent assets in the field of the liquified natural gas, included ships LNG. The new society BW Pavillon LNG Pte. Ltd. it will already have initially a fleet constituted from a metaniera ship in service and from two new ships.
Moreover BW Group has constituted joint venture BW Pacific with the society of private equities P of Singapore (former Pacific Alliance Group) for the acquisition of ten modern product tanker Mediums yielded Ranges from the Elandra, society that is under responsibility of the Vitol Energy (Bermudas). BW Pacific will be equipped of a fleet formed altogether from 37 product tanker Mediums Range and a Long Range, fleet that will be managed by BW Group.
At last BW Group has signed an agreement in order to buy ten ships to chimichiere of the Norwegian Stream Tankers (company controlled from the Utkilen and participated from EGD Shipholding and BSCO), of which two constructed in 2008 and in 2010 and eight ships of new construction that they will be taken in delivery between 2015 and 2018. The two ships already in service are constructed by the Japanese ship yards Fukuoka Shipbuilding Co. and Shitanoe Shipbuilding Co. and the eight new ships will be realized by same the two yards. BW intends commercially to manage the ten ships through the Womar pool.
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