Marine transportation service provider I.M. Skaugen ASA (IMSK) announced that Camillo Eitzen & Co ASA and IM Skaugen ASA have agreed to restructure and continue their cooperation and have decided to establish a joint gas carrier pool to improve the marketing of their fleet of 5-12000 cbm ethylene gas carriers.
The revenue sharing pool will be known to the industry by the trade name; 'Eitzen - Norgas Gas Carriers' (ENGC). ENGC will initially operate a fleet of 26 ethylene vessels (225,000 cbm) and control another 4 semi-ref vessels (30,000 cbm).
18 of these vessels are owned by IM Skaugen and 12 owned by Camillo Eitzen. In addition IM Skaugen have 7 such specialized ships on order for delivery from late 2007 and onwards.
It is agreed to have a gradual transfer of management from today's Maersk-Norgas cooperation and organisation named MNGC to the new set-up of ENGC. The new organisation is expected to be fully operative from 1st June 2006. Until that date the MNGC organization will continue as per today.
ENGC will service customers globally through offices in Singapore, Houston, Dubai, Copenhagen, Shanghai and Oslo - and it will all be coordinated from a base in Singapore.
The cooperation will create an alliance that focus on the smaller sized segment of this industry and with a special focus on regional distribution of petrochemical gasses and LPG. The products carried by ENGC will be mostly Ethylene, Propylene, VCM and LPG and for customers in the petrochemical and oil industry. The ENGC alliance is being established to provide customers with improved levels of service and to explore cost synergies.
marketing@alchempro.com
